We both had bank accounts for many years before we married. When we married, we retained those accounts and our separate paychecks went into the separate accounts, respectively. We each paid for the house and other expenses from those separate accounts.
Eventually, we created a joint account and each put half of our paycheck into the joint account and the other half still into each of our separate accounts, respectively. The joint account funded the household and the separate accounts were used at our discretion.
All funds earned during the marriage are considered marital even if you kept them in separate accounts. Filing a Complaint for Divorce in NJ cuts off the marital nature of your earnings, but keeping them in separate accounts does not. Separation does not automatically change marital funds into separate funds.
After a separation, your pay is not considered marital. However, it sounds like you both still have a marital asset that you are supporting, i.e. your house. It sounds as if you need to figure out how to distribute the house as part of the separation and/or divorce. You should consult with a family law attorney about the distribution issues.
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With few exceptions, anything that occurred during the marriage is 'marital'.
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I concur with the recommendations of my distinguished colleagues. In NJ, while you can be physically separated, there is no such thing as a legal separation. Keeping separate accounts does not have any effect on what is or is not marital property. To properly answer your questions and address your concerns, the best way to handle this is by retaining an experienced matrimonial attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck.
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All assets required during the marriage are subject to division regardless of title. If money is earned during the marriage it is marital regardless of how it is titled and less it is from an inheritance or other exemption. Hello
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Yes. An efficient way to allow the accounting of your marital funds, not a way to say "this is mine".
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