Divorce and Real Estate
Divorces end the marital union of two people and the end of a dream, many times a large part of that dream is the home. The marital home often represents more than the commingling of their assets, it can become a symbol of loss, or a pawn to use against the other spouse.
A prenuptial agreement may protect certain assets in case of divorce. For example, if a wife or husband owns a condominium before marriage, she/he might be entitled to keep the condo after divorce under the terms of a prenuptial agreement.
Without a prenuptial agreement, the condo might be sold and the proceeds divided between the parties. In some states the parties will each receive an equal share. In other states courts award equitable shares - not necessarily equal shares. An equitable share may give one spouse more or less than half of the assets depending on a number of factors like length of marriage, conduct during marriage, contribution toward the acquisition and preservation of the assets, income, education, health, age, and so forth. New Jersey is an equitable distribution state which means that, in the event of a divorce, the marital property is not automatically split 50-50. Rather, equitable distribution is defined as the division of marital assets in a manner that is fair but not necessarily equal.
Divorce courts deal with all kinds of assets such as frequent flyer miles, stock options, houses, time shares, star or celebrity status, pensions, retirement accounts, cash, saving, pets, inheritances, trusts, lottery winnings, medical licenses, family businesses, art, jewelry, antiques, guns, stamp collections and other collectibles, gifts, engagement rings, household contents (probably the court's least favorite category), cemetery plots, country club memberships, and just about every other item under the sun. Every divorce lawyer has an anecdote about one particularly nasty fight over a toaster, hammer, or other item of little or no dollar value. The fight is really about who gets the last word, not the item in question.
To be contacted for a confidential market analysis with regard to selling your home, or to talk to a divorce attorney, or mediator. This is a completely confidential service.
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