ASSEMBLY JUDICIARY COMMITTEE

STATEMENT TO

[First Reprint]

SENATE, No. 4858

STATE OF NEW JERSEY

DATED: JANUARY 5, 2026

      The Assembly Judiciary Committee reports favorably Senate Bill No. 4858 (1R).

      This bill establishes the “New Jersey Veterans and Military Spouses Asset Protection Act.”  Under the bill, certain assets of veterans, service members, and their spouses are given protections from creditors. 

      The bill exempts the primary and secondary homes of veterans, service members, or their spouses from levy, execution, attachment, or forced sale for the payment of debts, judgments, or other claims or creditors, under certain circumstances.  The bill provides that the benefits of this bill will not extend to the primary and secondary residences of a veteran, service member, and military spouse if there are:

      (1) mortgages or voluntary liens placed upon the property;

      (2) taxes, assessments, or obligations owed to federal, State, or local government entities; or

      (3) judgments arising from willful misconduct, fraud, or criminal activity of the debtor.

      The retirement accounts, pensions, disability benefits, and veterans’ benefits of veterans, service members, and their spouses will also be exempt from creditor claims under the bill.  Additionally, motor vehicles owned by veterans, service members, and military spouses will be exempt from creditor claims up to a fair market value of $30,000, not to exceed one vehicle per household, with certain exceptions.

      Finally, the bill provides that any attempted levy, execution, or sale in violation of the bill will be void and unenforceable, and that the bill will apply to debts incurred on or after the date of enactment.  The protections under this bill will be in addition to any rights provided under federal law, including the “Servicemembers Civil Relief Act.”

      As reported by the committee, Senate Bill No. 4858 (1R) is identical to Assembly Bill No. 6000 (1R), which was also reported by the committee on this date.