Legal Question in Family Law in New Jersey
Divorce and Mortgages
My husband very strongly suggested that I should not file for divorce until after we refinance our home mortgage because this would provide him with a large sum of money and allow him to purchase his �dream car�.
A potential divorce lawyer insisted that I do not refinance. I agree and would rather not, but I have a gut feeling that if I don�t my husband will lash out and possibly harm me and/or my possessions and will most likely drag our divorce out for spite. He's been violent towards me in the past and I don't have anywhere to go. We planned on selling the house at the end of the year and I was going to use the profits to get an apartment for myself. Would it really make that much of a difference waiting until after the refinance to file?
2 Answers from Attorneys
Re: Divorce and Mortgages
It all depends on what the dream car costs. You are entitled to half of the equity in the house. Half of what?
Once a portion of the equity goes into this car it will be worth less making it unlikely that you could sell the car if the equity left in the house were so small that you could only recoup your money by selling the car. If the equity in the house is $150,000.00 you husband should not be able to cash out more than $40,000.00 to $50,000.00.
Prior to the refinance the property settlement agreement should be signed so that the refinance does not adversely affect your entitlement to
equitable distribution. Of course, if the house equity were $300.000.00 a
$50000.00 is no problem.
Call me if you like.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
Re: Divorce and Mortgages
I respectfully disagree with my friend Gary Moore.
You should not refinance. You should get a divorce. His bloody dream car is the very last of your concerns.
You are afraid of him? The law does not allow him to hurt you, your kids or your possessions.
You have a divorce attorney. Why would you have an experienced professional give you an opinion that you should NOT refinance, and then IGNORE that attorney's advice?
It clearly sounds like your soon to be exhusband is terrorizing you. Stop him. Talk to your lawyer, and with the lawyer's help figure out what is best for YOU and your kids, and then do it.
You are divorcing this man for a reason. You have resources available. If he touches you, go to the police. Don't threaten, just do it. Get your life back. You will be just fine.
I can not assist you. I am at the north end of New Jersey, sorry. Good luck to you.
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