Property division can be one of the most complex parts of a divorce, especially when a couple
has been married for a significant amount of time and has accumulated
a large amount of assets. In New Jersey, all assets are divided fairly,
but not necessarily equally. While some assets are simpler to divide,
many couples have questions about what will happen to their marital home.
Below, we have put together a simple breakdown of the process:
- If neither party wants to keep the house, the home is sold and the proceeds
- If one or both parties want to keep the house, the next step is to determine
if either party can afford to keep it. This means taking into account
things like the mortgage, property taxes, etc. If the home does not fit
into the interested party’s budget, the home must be sold and the
- If one party has the funds to buyout the other party, both parties must
then come to an agreement on the home’s value. Once that is settled,
the party keeping the house will have that asset added under their name
for equitable distribution.
- If the parties do not agree on the value of the home, they will have to
complete a comparative analysis, either individually or jointly. They
may each have to have the home appraised to come up with a value.
- If the parties still cannot agree on the home’s value, the matter
will have to be taken to court.
Questions About Property Division? Contact Us Today
Property division is rarely a simple matter because it takes into account
a variety of factors, including the length of a marriage, the assets and
debts that each spouse contributed to the marriage, the age and health
of the spouses, tax consequences, and many other considerations. It is
important for those seeking a divorce in New Jersey to team up with an
experienced family law attorney who can help guide them through their
case and ensure that their divorce is resolved fairly.
Moskowitz Law Group, LLC has more than 50 years combined experience assisting
clients with all of their divorce and family law matters, including property
spousal support, and more.
request a consultation with a member of our team, please fill out an online form or call us at