November 1, 2014

New Jersey State Asset Protection Laws

New Jersey Asset Protection Summary 

Homestead Exemptions

There are no Homestead exemptions offered.

Life Insurance and Annuities

Life insurance proceeds are exempt if affected for someone other than the insured.  If the policy so states, the proceeds and avails of the policy shall be exempt from claims of the beneficiaries creditors.  (17B:24-6 and 17B:24-10)  To see this statute, click here.

Policies of group life and health insurance and the proceeds payable from such policies are exempt.  (17B:24-8 and 17B:24-9)  To see this statute, click here.

Subject to a $500 per month limitation, the benefits, rights, privileges, and options due or prospectively due under an annuity contract are exempt from claims of creditors.  (17B:24-7)  To see this statute, click here.

Disability Insurance

Proceeds and avails of all policies of health insurance, and provisions providing benefits to the insured, which are supplemental to life insurance policies or annuity contracts are exempt.  (17B:24-8)  To see this statute, click here.

Corporate Protection

Charging Orders

The Charging Order is the exclusive remedy by which a judgment creditor of a partner or partner’s transferee may satisfy a judgment out of the judgment debtor’s transferable interest in the partnership.  The judgment creditor will simply receive the right to receive distributions; the judgment creditor has no rights to interfere with management, force dissolution, or seek a foreclosure sale on the transferable interest.  (Partnership and Partnership Associations, Title 42, 42:1A-30)  To see this statute, please click here.

Business Acts

  1. New Jersey Business Corporations Act (14A:1-1)
    1. To view this Act, click here.
  2. New Jersey Limited Liability Company Act (42:2B-1)
    1. To view this Act, click here.
  3. Uniform Partnership Act (1996) (42:1A-1)
    1. To view this Act, click here.
  4. Uniform Limited Partnership Law (1976) (42:2A-1)
    1. To view this Act, click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accurate. Having said that, The APS does not warrant the material on this site and you should ALWAYS seek out the advice of a local advisor in your state who can give you individual advice for your particular situation and confirm the status of your state laws.