Can My Spouse Sell Assets During Our Divorce?By Moskowitz Law Group, LLC |
Getting divorced can be a long, tedious, and financially demanding process. You may wonder how courts will distribute your property and other assets acquired throughout your marriage. You may even be nervous that your partner could sell or get rid of your assets without your permission before your divorce is finalized. To ensure you know what you are entitled to during this challenging time, learn when your spouse can sell assets during your divorce. An experienced divorce lawyer can answer more questions about the assets you are entitled to and assist you with protecting your interests.
What Marital Assets Am I Entitled to When I Get Divorced In New Jersey?
New Jersey is an equitable distribution state regarding dividing assets, meaning that marital assets are divided fairly and not necessarily equally. Courts distribute assets during a divorce in three stages. First, the court decides which assets are considered marital property eligible for distribution. Typically, this property includes assets purchased or acquired after the marriage and before filing for divorce. The court then determines the value of any property subject to distribution.
The final step is for the court to determine which party will receive what or what portions of assets in the divorce. New Jersey courts hold wide discretion in these matters and will consider many factors when determining who acquires ownership of what assets. Some factors may include the duration of the relationship, the spouses’ age and health, and level of income during the marriage.
When Can Someone Sell Property During a Divorce?
The answer to whether someone’s spouse can sell their property during a divorce is ”it depends.” Generally, no one should try and reduce or get rid of any assets that are up for distribution during a divorce without consulting their spouse, and doing so without consent will not be looked upon kindly by the court. However, if both spouses agree to the sale of an asset during the litigation of a divorce case, they can sell the asset without any legal issues.
Another way a spouse can sell a marital asset during a divorce is when they are experiencing financial hardship and can no longer support their marital obligations during litigation. This spouse has the option to file a motion with the court to sell certain marital assets to continue paying their bills. However, doing so may have financial implications, including in the distribution of the other assets. It is always in your best interests to consult a knowledgeable divorce attorney when making any decision regarding the distribution of assets.
Contact an Attorney to Protect Your Assets in a Divorce
Divorce proceedings involve many steps, each with its own series of paperwork, details, and complications. Knowing your assets are vulnerable to distribution may add to your concerns. However, you do not have to navigate your divorce alone.
If you need guidance during this time, reach out to Moskowitz Law Group to speak with one of our skilled divorce attorneys. We will work to protect your assets and get what you are fairly entitled to in your divorce.