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Property Division Archives

What happens to the marital home after a divorce

When New Jersey couples are going through a divorce, one of the most important subjects that might have to be discussed in property division negotiations is the marital home. They will have to reach an agreement about who will get to keep the home or whether they will sell it instead.

Deciding who gets the house after a divorce

For some individuals getting a divorce in New Jersey, getting out of the family home is an important part of moving on to a fresh start. In other cases, spouses may have strong reasons for wanting to remain in the family home after the end of their marriage. Because the value of a home is often quite high, real estate division can be a sore point in divorce proceedings.

Making decisions about a mortgage during a divorce

While divorce is often the best option for many couples, the process of dissolving a marriage can still be difficult. One of the biggest challenges those in New Jersey and other states face when divorcing is how to handle the house and a mortgage. This applies when a house is joint property, and there are a number of options available.

Understanding finances during divorce

Some people in New Jersey who are divorcing may have never dealt with the family finances or may not know much about them. Even financially savvy people might benefit from the assistance of a financial planner at such a time. A financial planner may be able to address and assist with a number of unique situations that may arise during the proceedings.

Dealing with finances during and after a divorce

When a New Jersey couple gets divorced, it is not just their relationship that changes. For many people, financial upheaval is also likely since individuals will not only be splitting up their assets but will no longer benefit from two incomes. It is important for people to take inventory of their assets and debts and separate any joint accounts shared with their spouse to help them prepare for life after their marriage ends.

Divorce and bankruptcy may affect each other

When a couples in New Jersey divorce, they normally understand that their property will be divided. If a bankruptcy petition is also filed, the bankruptcy will take precedence over any property and asset division order from the family court in the divorce.

How are retirement assets divided in New Jersey divorces?

When going through a divorce, it is necessary for the couple to split their assets. Since retirement assets often make up a significant portion of these assets, one of the most commonly asked questions is how they are divided during a divorce. The answer to the question is very complicated, but it is a good idea to understand the basics of property division in this area during a divorce.

Fraud may happen when a couple decides to divorce

People sometimes want to protect themselves financially when going through a divorce, but fraud can occur when hiding assets or attempting to mislead a partner. New Jersey residents might see red flags that signal some type of manipulation is occurring so that one spouse gets a larger portion of assets than he or she may be entitled to.

An explanation of equitable property division

When divorcing spouses in New Jersey are unable to agree on how their marital property and debt will be divided, the court has the authority to issue an equitable division of the items. Equitable distribution means that the property and debt are divided fairly between the estranged spouses. It does not guarantee that the items will be divided equally.

Just because you don't like your prenup doesn't make it void

Let's say for a moment that you are getting a divorce and have just begun the process of property division. Unlike most couples, you and your spouse signed a prenuptial agreement before getting married, which means just about all of your property has already been divided and is ready now for distribution.