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How to divide property in a divorce

When a New Jersey resident's spouse asks for a divorce, it can trigger a bevy of emotions as well as create a lot of questions. For instance, it may not be clear who gets the marital home or money in a bank account. It may also not be clear how to pay for the house or how to split the proceeds if it is sold.

Those who are planning on staying in a marital home may wish to ask that current marital assets are used to pay down any mortgage that may exist. Furthermore, if repairs are made to the home, the cost of those repairs should be deducted from what the other spouse may get if the home is eventually sold. Ideally, whoever didn't initiate the divorce should suggest an arrangement that provides for his or her own security. This may be especially true if the person who initiated the split makes more money.

Generally, assets are split in as equitable a manner as possible. For instance, one person may get all the money in a bank account in lieu of an even split of a 401(k) or IRA. Those who are going through a divorce are encouraged to take inventory of marital assets to ensure a proper division is conducted.

An attorney may be a valuable resource during the divorce negotiation process. Legal counsel may be able to help an individual learn more about his or her rights and what property may be included in the property divorce process. Legal counsel can further explain how child support or spousal support may help the clientlive a reasonable lifestyle after the marriage has ended.

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Newsome O'Donnell, LLC
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Florham Park, NJ 07932

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