Bill > S4858

This bill establishes the "New Jersey Veterans and Military Spouses Asset Protection Act," which provides comprehensive financial protections for veterans, active duty service members, and their spouses. The legislation offers robust asset protection by exempting both primary and secondary residences from levy, execution, attachment, or forced sale for debt payment, with no value limitation, as long as property ownership is properly recorded. Additionally, the bill protects retirement accounts, pensions, disability benefits, and veterans' benefits from creditor claims, and provides a motor vehicle exemption of up to $30,000 for one vehicle per household. The protections do not apply to voluntary liens, government obligations, or judgments arising from willful misconduct or fraud. The bill defines key terms such as "veteran" (honorably discharged military personnel), "service member" (current military personnel), and "military spouse" (spouse or surviving spouse of a veteran or service member). The exemptions extend to jointly owned properties and continue for surviving military spouses, and these protections are designed to be in addition to existing federal protections like the Servicemembers Civil Relief Act. The law will take effect immediately and apply retroactively to January 1, 2025, for debts incurred or claims filed on or after that date, without impairing existing final judgments.

Justice, Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2024/S4858