Legal Question in Family Law in New Jersey
Divorce asset allocation
I purchased a house in 1985 for $1.00. The market value was in the area of $50,000.00 at the time. I immediately secured a mortgage of $40,000.00 on the property. 4 years later I got married. Now we are divorcing. The house has appreciated to about 100K, The mortgage is still around 20k, and I have been making payments using ''our $'' over the years. There is no income from the house, nor has there ever been. We have been through a chapter 7 together in 1991 and I went through a 13, leaving her out of it, in 2004. How will the state look at this asset in regards to the divorce
4 Answers from Attorneys
Re: Divorce asset allocation
Increase in market value from date of marriage. You'll need an expert if there is no agreement on the value of the house at the time you married.
How was the property valued in the bankruptcy actions.
Hopefully the two of you can come to a reasonable division of marital assets.
Good luck.
Re: Divorce asset allocation
I suggest you get an attorney. 98% of divorces settles so whether or not you have to pay her out for the increase of the value of the house will depend on the settlement.
My initial consultations are always free, so call me at 732/247/3340 to discuss your case.
Re: Divorce asset allocation
If our money was money earned by you and the house was never deeded to your wife, it is not a marital asset.
Call me if you like.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
Re: Divorce asset allocation
The answer to your question depends on whether or not it was used as a "marital" household or whether it was an investment property. Also, direct contributions by your spouse would need to be taken into consideration. You really would need to discuss your matter in more detail with a Family Law attorney before you would have a good answer.
Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have not retained an attorney, you may want to contact a Family Law attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. If you call me, mention Law Guru and your first one hour consultation will be free. Good luck! Rob Gleaner
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