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.
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.
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.
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.
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.
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.
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.
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.
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.
In New Jersey, if you decide to get a divorce, the marital property is divided equally between you and your spouse. Although many assume that this is a 50-50 split, circumstances may warrant giving more property to one spouse over another. Because of this, some spouses attempt to save some of the marital property for themselves and try to hide it from the other spouse. To ensure fair property division, everyone contemplating a divorce should watch out for signs that their spouse is attempting to hide property.