Assets & Debts
Middlesex County Property Division Attorneys
Dividing Assets & Debts for Clients in Somerset, Union & Monmouth Counties
If you are considering divorcing your spouse, it is important to understand the potential issues which you may encounter as it relates to the division of property. If there is no prenuptial agreement in place, you could be facing the potential loss of half of your assets or taking on half of your spouse’s debts. Having an understanding and compassionate East Brunswick property division lawyer can help you comprehend all of the potential legal ramifications you can experience and help guide you through them. Rozin | Golinder Law has helped many clients through their divorce by providing them with personalized attention and honest counsel.
Reach out to our Middlesex County asset division lawyers at (732) 810-0034 to learn how we can help you.
Equitable Distribution in New Jersey
In the state of New Jersey, there is “equitable distribution” of property which means to divide property in a way that is fair under your particular circumstances. While equitable does not mean equal, parties will normally split their assets and debts down the middle if they divorce. Ultimately, the court will look at various factors in determining what is fair and a Judge may not always order a 50/50 split. Prior to engaging in the divorce process make sure you learn as much about your assets and debts as possible. If you believe your spouse is hiding assets, we have a means of finding them and you are entitled to know the entire financial picture before entering into an agreement.
Some of the ways a fair distribution of assets and debts can be reached include:
- A judge’s ruling
- Negotiations with you and your spouse
- Negotiations between your attorney and your spouse’s counsel
How to Keep Your House in a Divorce
One of the biggest factors determining what happens to any piece of real estate after a divorce is when the property was purchased and how it was used during the marriage. For example, if the property was purchased by one spouse prior to marriage, it may be considered a separate asset and belong exclusively to that spouse. If the property was used as the primary marital home, however, or if it was used as a source of marital income, it may have been converted to a marital asset and is therefore subject to equitable distribution.
If both spouses have an equal ownership interest in a home, there are many strategies that can be used to divide it without a fight:
- Buy out: One spouse may “buy out” the other spouse by paying them for their share of the home’s equity. This is especially preferable if spouses share children, as many parents will desire to maintain a sense of normalcy and avoid selling the house to allow the kids to continue to live there.
- Sell the house: Many divorcing couples choose to sell the house and split the proceeds. Some choose a 50/50 split, while others base the proportions on the percentage of income each spouse brought to the marriage.
- Compensate with other assets: Another popular strategy is to allow one spouse to keep the house in exchange for compensation in the form of other assets, such as vehicles, savings accounts, or investment accounts.
- Mesher orders: A third option is for one spouse to defer to receive compensation for the house until it is sold when the children move away or the other spouse remarries, known as a Mesher Order. The downside of this arrangement is that both spouses remain on the home’s mortgage, oftentimes making it difficult for the party who has moved out to obtain another mortgage to purchase another home.
Regardless of the specifics, the process of valuing a home and negotiating its division can expose divorcing couples to various legal pitfalls if not handled with the assistance of an experienced attorney.
Call Us for Upfront & Straightforward Legal Representation
At Rozin | Golinder Law, we pride ourselves on providing detailed and honest counsel for our clients. We don’t make outlandish promises to our clients that we won’t be able to keep. Our clients are treated as though they were our own friends and family. They are treated with respect and work directly with our East Brunswick property division attorneys who will not hand the case over to someone else.
Contact us at (732) 810-0034 to arrange for an evaluation of your case at no cost!