Legal Question in Family Law in New Jersey

How to divide real estate investment.

During the marriage we purchase an investment home in horrible condition and spent weekends doing the work ourselves. At first we were there together but by the end of the marriage it was just I. For the past year we have been trying to come up with a settlement. In this time, I paid the mortgage, bills, supplies and continued to work on the property. To save money I have done most of the work myself while my wife abandoned the project. I have asked for assistance plus I thought if we were both involved it would help us to save the marriage. She refused but during this period we would go out and even tried counseling. Today the house is nearly complete. It will cost another $10,000 in supplies and will take numerous weekends to complete. So how to divide the property? Her attorney has been working with the finished value and expects 50-60%. Shouldn�t the property be given the value at the time of separation? In a most recent proposed agreement, I would be responsible for completing the project within 6 months, selling and splitting the proceeds 50/50. If I was unable to complete in this time, my wife would take control and the split would be 75/25 (75% her).


Asked on 2/27/03, 10:59 am

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: How to divide real estate investment.

In my opinion, there is no right or wrong answer to this question. Both of you have good arguments as to the manner in which to divide the proceeds. I would think that she could come up with a number of reasons why the split should be in her favor. If negotiations were to break down, each of you would be required to put your best argument in front of a Judge and let him or her decide. Alternatively, you could both agree to put your dispute in front of a neutral arbitrator and agree to be bound by that decision. This might be faster and cheaper. In either case, you both need to decide, after hearing the other side's last offer, whether it is better, financially and emotionally, to accept and move on or reject and fight on. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. If you have not retained an attorney, before you take any action, you should contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. However, you need to call me at 856-546-8010. If you mention Law Guru, there will be no charge for your first consultation. Good luck! Rob Gleaner

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Answered on 2/27/03, 12:00 pm


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