Legal Question in Family Law in New Jersey

equitable property distribution
Please Help: My wife and I are going through a divorce , and I have a question about the home that is under both our names (we live in NJ , an equitable state).
We have been married for 18 years and have 2 children ages 5 and 15, we are settling on joint custody with the children to remain with me in our home ., my wife is moving out.
I bought the home with my settlement money from an accident in 2002, the settlement monies were deposited only in my name and into a checking account (also only in my name), I purchased the home and paid for it with a check from my checking account which was setup by the insurance company paying my settlement. The check only has my name and signature on it, but I do have proof that it was paid directly from settlement money awarded to only myself.
My question is that being I live in a equitable state I am pretty sure this home does NOT get split up 50%-50%. I am wondering what you guys think would be the amount given to my wife based on the home being valued at $300,000, or what % of the home monetarily wise she would be entitled to (her name is on the home).
I am on SSDI and receive $1943 per month, my wife works and makes $360 per week.

Asked on 10/31/08, 2:00 am

Gary Moore Gary Moore Attorney At Law

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0 attorneys agreed

Re: equitable property distribution

I would think that you should try to make the best deal with your wife as to the home because when you

placed her name on the deed you make a gift of same to her; that is where there was commingling of

the home with other marital assets.

Call me if you like.

Gary Moore, Esquire

Hackensack, New Jersey

www.garymooreattorneyatlaw.com

Answered on 10/31/08, 7:40 am

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