Dividing real estate can be a complicated procedure in New Jersey divorces. Unlike other assets such as cash accounts, real estate is harder to value and involves numerous factors such as upkeep, taxes, and mortgages. To complicate matters further, the marital home is often an emotional asset that one or both spouses don’t want to let go of. Other than these unique factors, dividing real estate is similar to dividing other property. New Jersey is an equitable distribution state, which means you don’t have to divide the marital assets equally. Rather, they must be divided fairly. Also, here are a few quick things you should know about dividing real estate in complex New Jersey divorces.
You may have more than one option for dividing real estate in your divorce. Contrary to popular belief, you do not necessarily have to sell your home to split the proceeds. You might be able to negotiate a different arrangement. Just like other types of property, some spouses “buy out” their spouse’s share in the real estate by trading off other assets. Likewise, some spouses continue to co-own the home after the divorce while the kids grow up. This takes some careful planning and working out agreements in advance. Selling it to split the proceedings can be a cleaner and less painful way of dealing with real estate, but it isn’t the only way.
If your divorce is complex and involves significant assets or business interests, dividing real estate can be a great bargaining chip to level the playing field, especially if the rest of your assets are diverse. Couples may run into trouble, however, when they have multiple high net-worth assets with complicated valuations, such as businesses and investment portfolios. Always work with a skilled New Jersey divorce attorney when dividing real estate in complex divorces. A seasoned (i.e. very experienced) attorney will have dealt with complex divorces and will be able to help you divide all your assets in a way that is fair, legally sound, and leverages New Jersey law to your advantage.
Dividing real estate in your New Jersey divorce? If so, Williams Law Group, LLC can help. Our skilled divorce attorneys can help you navigate your complex divorce from asset division to custody agreements. Located in Short Hills, New Jersey, Williams Law Group, LLC provides compassionate and dedicated legal services to Union, Bergen, Essex, Hudson, Morris, Monmouth, and Middlesex counties, and the surrounding areas. Our knowledgeable attorneys handle divorce and family law, child custody, and child abuse/neglect cases. Call our office at (908) 810-1083, email us at firstname.lastname@example.org, or contact us through our confidential online form to schedule a consultation and ultimately get you connected with an experienced New Jersey divorce and child custody attorney.