Legal Question in Family Law in New Jersey
How Accurate Is 50/50 Ownership of Home?
My wife walked out on our two small kids and I 11 years ago, committed adultery and stole my boys' thousands of dollars in savings bonds before she left. We have since been separated and I have sole custody of the boys. At the time, she left with many ''things'' from our home: kitchen appliances, wall decorations, bedspreads, bathroom accessories, etc. When the time arrives that the boys are both emancipated and she and I divorce, is there anything etched in legal stone that states our home's equity MUST be divided amongst us 50/50? The home was 4 years old when she left and I have solely made the mortgage/taxes payments since then = $151,800, not that she ever made any contributions towards them when she still lived here. The house has been appraised at $285,000 with a $63,000 mortgage balance remaining. Again, is there a law stating percentages of dividing property or is (could it be) a judge's call upon viewing the circumstances? I mean I live on a disability income, have taken care of my kids during this time and kept the house's bills paid on time. Could she walk away with most of the money I have paid into it? Don't let me start to get depressed from now, please!
2 Answers from Attorneys
Re: How Accurate Is 50/50 Ownership of Home?
New Jersey has "equitable distribution" which is often 50/50, but can be altered based on circumstances. Your circumstances would seem to be appropriate for not having an equal split. That would occur when you get a divorce. Our office specializes in these kind of matters and if you want further help, please call for an appointment. Mention Law Guru and get a free half hour consultation.
Re: How Accurate Is 50/50 Ownership of Home?
Here's your biggest problem. You are on disability and I've yet to meet someone in your situation that wants to and/or can pay for an attorney. Thus, you are in a world of trouble until you get divorced.
By the way, what are you waiting for? It seems obvious you two will never get back together and waiting will not help anything.
98% of divorces settle and if she has the money to get an attorney, she'll probably get a better deal. In a perfect world, she would only get her share of the equity for the time she lived in the home.
My initial consultations are always free, so call me at 732/247/3340 to discuss your situation.
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