Tag: divide marital assets

Skilled Attorneys Help Advising on Vacation Home Division in Ocean County and other Jersey Shore Localities

Divorcing in New Jersey means dividing one household into two through an equitable division of marital assets. This often includes vacation homes and shore houses in towns like Sea Bright, Sea Girt, Lavallette, Belmar, and Long Beach Island.

Vacation homes in the divorce process/division of assetsEquitable means what is fair. Either the divorcing parties will agree to what they consider a fair division, which the court will approve, or the court will equitably divide assets if the parties cannot agree. They may also resort to mediators to resolve their disputes regarding property division. A mediator or judge knows that before splitting the assets, they must first determine marital property and separate property. All property acquired during a marriage is marital property, except inheritances, personal injury awards, property owned before or after marriage, and property the parties agreed to keep separate in a prenuptial or postnuptial agreement. Typical marital assets include the family residence, bank accounts, vehicles, and other real property acquired as investment or vacation homes.

Aspects considered by the court to determine property division in Manasquan NJ

Fairly dividing assets does not require the court or the parties to split each marital asset down the middle. So, the spouses may not have to sell the family home to divide the proceeds in each instance. What is equitable for dividing a family residence is defined by each marriage, considering how long the couple is married, two years or 20. Also relevant are the family home’s market value, equity, and debt. In dividing a residence, a court also considers each party’s age, health, income, debt, and hardships. In addition, it looks at the separate property contributions to the property by each party, the child custody arrangements, and the standard of living during the marriage. Whether one party stayed home to raise kids, contributed to the other spouse’s education, or put their career on hold to help the other matters too. If one parent primarily cares for the children and needs the residence for the children, the court also considers that. And finally, the tax consequences of distributing the property are also a factor.

As to dividing the couple’s vacation home, the considerations differ from the primary residence, though the parties may link the vacation home to who gets the house. For example, the parties may decide to sell the vacation home and split the proceeds or award one party the property as an offset to the other party’s unequal distribution, say, of a business or the primary residence. The home’s value is the fair market value, meaning the price it would sell on the market. A realtor may supply comparable home prices to find that value, or an appraiser may calculate a value.

Parties must decide what they wish to do with the secondary property, sell it or keep it.

Both parties must agree to sell, or else the court decides. And if the parties do not outright transfer the property to one party or another, the court can allow one party to own or occupy the vacation property for a time until its future sale. Or one spouse can buy the other’s interest in the vacation home if they can afford the sale price or, minimally, the mortgage payoff. If there is a mortgage on the property, the person assuming the mortgage must refinance to eliminate the other spouse’s obligation on the loan, so they are no longer on the hook for the mortgage. The party refinancing must have the ability to maintain the property as well as pay the mortgage. Since the parties split debts and assets, the debt one party assumes for the vacation home may offset the additional value they receive in acquiring the property as sole owner.

So, for example, if a vacation home has a fair market value of $400,000.00, the parties would be entitled to $200,000.00 each. That assumes the property is debt-free, meaning they owe nothing on a mortgage or the couple paid cash for it. But if one party is buying the vacation home, they would owe the other spouse $200,000.00. And if they did not pay off the mortgage, the party acquiring the home would owe the other party $200,000.00 less one-half of what they owe on the mortgage. Thus, if the mortgage were $50,000.00, the purchasing party would owe the other spouse $175,000.00. That is one possible scenario of splitting a vacation home.

Is it Possible to split the vacation house time in Seaside Heights NJ?

Is it Possible to split the vacation time?Of course, they can also keep the property and split their vacation home time. But this can be complicated if the parties do not cooperate. It could also be unworkable if one party has more money to pay a mortgage and the maintenance on the property. Moreover, such an arrangement may cause friction if the couple has differing upkeep standards, such as one party does not maintain the property the same as the other, leaving it messy or damaged. And the memories stored in the place may make it psychologically and emotionally challenging to share. Similar difficulties arise with investment properties, like rentals. The spouses may not agree on who should rent the property, how much to charge, or how the division of labor breaks down. Rental properties need management for plumbing, landscaping, and structural integrity of the property. They must agree on the specifics of who does what.

And they do not always agree, even between the most amicable of divorcing couples. Divorce occurs because people cannot remain married any longer for various reasons. A couple may divorce because they are such opposites that they cannot agree or cooperate on anything from making simple decisions to significant lifestyle choices. Keeping property together may be too much to manage over a long time. There may also come a time when either party needs to sell to pay for other debts that arise. So, if they sell the vacation home or investment property, there needs to be a provision for what the parties do if they place the property on the market. However, the more the parties can maintain a cooperative and tolerant relationship, the more options they have with the vacation home and all property they must divide.

Contact our Monmouth Family Law Experienced Team of Attorneys Today

Fortunately, divorcing couples with properties can rely on the advice and creativity of family law attorneys at The Law Office of Peter Bronzino, who has helped others come to reasonable arrangements with real property.

If you are divorcing, know that you have more than one route to take to equitably dividing real properties. First, talk to a family law attorney who helps divorcing parties craft viable agreements for real property owners other than a family residence.

We can assist you with this process, as we often do for clients in Beach Haven, Wildwood, Brick, Brielle, Island Heights, Lavallette, Manasquan, Mantoloking, Normandy Beach, and throughout Monmouth and Ocean County.

Contact our office by calling (732) 812-3102 to discuss your current situation in a free, personal and confidential consultation.

Brick Divorce Lawyers Address, What Can I Expect From an Enraged Ex-Spouse?

Serving clients in Brick, Sea Girt, Toms River, Wall, Point Pleasant, and across Ocean and Monmouth Counties.

Brick Divorce Lawyers Address, What Can I Expect From an Enraged Ex-Spouse?Most people going through divorce hope their ex-spouse will remain civil throughout the process.  However, everyone handles divorce differently. The most agreeable partner can change when it is time to discuss visitation schedules or divide marital assets.  Dealing with hostility at every turn can feel overwhelming and defeating.  It is hard to see an end to all of the conflict when every call, text, or meeting ends in another argument.

There are countless reasons why an ex-spouse may be angry about the divorce.  It could be they are still in love and never wanted the split, or they do not want to pay alimony. Some blame their ex-spouse for a divorce agreement they think is unfair. The obvious reason for all of this anger stems from the fear of not having control and/or not knowing what the future will look like.

The following are common ways irate partners tend to lash out:

Drag Their Legal Feet

A bitter ex-spouse might do all they can to delay the inevitable. They may refuse to submit required documents or stop responding. They also may request their spouse hand over documents in amounts so copious that it takes weeks to obtain them.

Change or Back Out of Verbal Agreements

Agreements made in peaceful times do not always stand up when things get heated.  As soon as something is agreed upon, get it in writing.  Even something as seemingly minor as who pays for the children’s summer sports or where they will spend the Easter holiday needs to be documented.  Facts are hard to argue when they are in writing.

Request Full Custody

The classic way to get back at a spouse, as upsetting as it may seem, is by requesting full custody. Some parents who push for custody are less about the children and more about hurting the other parent. If that does not work, they may manipulate the children to turn them against the other parent.  In these situations, ask for joint custody from the start; that way, the children will not be used as pawns or bargaining chips.

Make Allegations of Abuse

In heated divorces, a spouse may falsely claim the other abuses them or abuses the children. Every abuse allegation needs to be taken seriously to ensure the safety of all involved. Family court judges measure the weight of the evidence heavily when it comes to custody arrangements.  The accuser has to show proof of the abuse, and if that is not possible, the matter is not a factor in the divorce proceedings.

Block Access to Marital Property

As soon as one spouse brings up a divorce, it is not uncommon for the other to immediately block access to shared assets.  Both partners should always be involved in the household finances.  Before even filing for divorce, conduct inventory on all joint assets, accounts, and other property to prevent your spouse from selling or hiding assets.  You must always keep access to bank accounts and deposit boxes.  Avoid signing any official-looking documents without checking with your attorney first.

Tips for Dealing with an Angry Ex-Spouse

Find a good therapist. A good therapist will assist you with feedback and tools for communicating more productively with an angry spouse.

Find a good lawyer. Some lawyers feel fear and anxiety, and some lawyers seek to minimize it. A good lawyer will explain all possible options for moving forward with a divorce case, including the collaborative divorce process (where all of the professionals, including your angry spouse’s lawyer, strive to minimize anxiety, fear, and surprises) and maximize productivity problem-solving).

Stay calm. Do not take the bait and try to go tit-for-tat with the angry person. This escalates the conflict and prevents everyone from focusing on the actual issues requiring negotiation.

Be patient. The anger and rage will not disappear overnight and may never disappear. Negotiating with an angry person will require patience and persistence. The divorce may take longer than you want, but you will finish. Also, you may have to say “no” many times to get to an agreement acceptable to you.

Forget logic. You will never convince your spouse that their anger and rage are unjustified. Accept that they are angry and stay focused on the point being negotiated, not their anger. Look for ways to present desired solutions in the most objective way possible.

Tips for Dealing with an Angry Ex-SpousePick and choose your battles. Of importance is the ability to focus on the finish line and to let go of small things that do not move you toward the finish and, in the long run, do not affect your life. You only know the identity of the small things if you have spent time thinking about your primary interests or goals and then ranked those in order of importance.

Give in” strategically. Strategically giving up small things at the right time in the negotiation is different than just giving in. This is giving in with a purpose allowing you to receive something that may be important to you and to move toward that all-important finish line.

Contact our Divorce Lawyers for a Free Consultation at our Brick Office

If you are planning a divorce or have already begun divorce proceedings, your rights must be protected.  Divorce is a complex process, made even more so when a spouse becomes angry and unreasonable.

At Peter Bronzino Law Firm, we take pride in successfully representing clients in Brick, Sea Girt, Toms River, Wall, Point Pleasant, and across Ocean and Monmouth Counties. Our experienced team of lawyers is here to listen and guide you through the divorce process.

Contact our Brick office by calling 732-812-3102 or fill out our online form today for a free and confidential consultation to discuss your individual needs and concerns.