When a New Jersey couple divorces, the court divides their assets through a process known as equitable distribution. With equitable distribution, each partner receives a share of the couple’s marital property that meets his or her financial and personal needs following the divorce. This can mean that the partners will not necessarily walk away with an equal amount of assets.
For property division through equitable distribution to work, the court must know the extent of the couple’s marital property. This means that all assets, such as cars, real estate, bank accounts, life insurance policies, and stocks must be reported to the court to divide. The court relies on both partners’ honesty for this – if one or both parties attempt to conceal assets, the court can not fairly divide them among the couple.
There are a lot of ways an individual can attempt to hide assets during the divorce process. These can include moving property into another individual’s name or making large purchases in cash. If you suspect your spouse hid assets during the divorce process and now has a much larger share of your marital property than you received, talk to your attorney about your legal rights.
If you have a valid reason to reopen your divorce case to have your property reexamined and possibly redistributed, you can petition to the court to do this. You may have your case reopened if you can prove at least one of the following:
When the case is reopened, the court examines the new information with which it is presented and makes a new ruling based on this information.
If you suspect your former spouse concealed assets from you during your divorce, your attorney can help you get the settlement you deserve by reopening the case. Contact The Law Office of Eric B. Hannum Esq., LLC. today to begin working with a member of our firm. We serve clients in Monmouth, Mercer, Middlesex, Burlington, and Ocean counties.