Looking to doublecheck my understanding about marital home/property in NJ.

Asked almost 2 years ago - Haledon, NJ

For NJ State Family Divorce Court:

I have property I bought in mid 2001, with a mortgage. I married in mid 2004.

By the time I married, my tax assessment proves my equity was quite high. Approx 90k.

Now, since I married, I continued paying into the mortgage.

Also took some equity out during marriage to purchase other properties.

With the paying into the mortage + equity out, as it stands today my equity is maybe only 20k.

Wife never worked, we have kids. Wife got a bogus RO against me which is under appeal right now, but as of now i'm not even allowed to enter the property. They considered this out of my three properties the 'marital home'.

I exempted it in my case statement for divorce. Any chance this property could slip from my hands during the divorce?

Additional information

I'm seeing attorneys say addition info is required.. what kind of additional info? I have an attorney and he hasnt really asked more than the question of equity before and after marriage

Attorney answers (5)

  1. Curtis James Romanowski

    Pro

    Contributor Level 13

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    Answered . With an eight year marriage, the contribution of marital funds (anything earned during the marriage), as well as the withdrawal of equity and presumably a lack of measures to prevent the appearance of commingling of assets/debts, there is a very good, judge-dependent chance that the judge assigned to your case will deem the equalization of the interest in the property as an intermarital gift, among other things. P.S.... tax assessments are singularly useless as proof of value, equity, etc. Wish this could be better news for you, but it is the reality, and I really don't need additional information to give you this preliminary assessment. It is a case that should be settled because the downside risks are much too high. Thank you.

  2. Ronald Glenn Lieberman

    Pro

    Contributor Level 18

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    Answered . There is the potential for some percentage of that home to be subject to equitable distribution because of the way it was used during the marriage. Sorry.

    DISCLAIMER This answer is provided for educational purposes only. By using or participating in this site you agree... more
  3. John B. D'Alessandro

    Contributor Level 14

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    Answered . Unfortunately this is one of those questions that cannot be adequately answered in a forum such as this. There are just to many other questions that need to be answered in order to properly evaluate your concerns. I suggest you consult with an attorney and bring with you all documents ( i.e. deeds, mortgages, notes, settlement statements) in your possession regarding the properties purchased and the refinance where you took equity out of the home to purchase other properties. if you do not have those documents you should make appropriate arrangements to get them and soon.

    IMPORTANT LEGAL NOTICE: The response to the question posted is not legal advice and it does not create an attorney-... more
  4. Kimberly Pelkey Sdeo

    Contributor Level 11

    2

    Lawyers agree

    Answered . I agree with the prior response, you should consult with an attorney. There are too many questions and unknowns to provide a response.

    A party receiving the protection of a temporary or final restraining order may receive exclusive occupancy and possession of a residence. This period of exclusive occupancy or possession may be a very temporary grant or more permanent based upon the circumstances involved.

    This response is not to be construed as legal advice and is provided for educational purposes only. This response... more
  5. Robert Ricci

    Contributor Level 17

    2

    Lawyers agree

    Answered . Just to add a note. your home's assessed value is meaningless.

    Legal disclaimer: In accordance with the Avvo community guidelines, this communication does not constitute "legal... more

Related Topics

Divorce

Divorce is the process of formally ending a marriage. Divorces may be jointly agreed upon, resolved by negotiation, or decided in court.

Divorce Court

Divorce court is where the divorce process takes place. The court may determine matters like alimony, child custody, and property division.

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