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Tips for dividing property in a divorce

On Behalf of | Jan 22, 2021 | Divorce

One of the challenging aspects of divorce is dividing property. In New Jersey, property is supposed to be divided equitably. This means that you do not have to each walk away with assets that equal 50% of the value of your shared property. If you go to litigation, a judge may decide that one of you should get a larger amount of that property. However, you can also negotiate an agreement for property division without going to court.

Know what is yours

First, you should have an idea of how much property you own jointly and separately. Property that you brought into the marriage or that you inherited and did not commingle with your shared property is generally considered to be yours. Keep in mind that this gets more complicated if you did mix it with marital property. For example, if you received an inheritance that you deposited in a joint account, it may be considered shared.

Negotiate wisely

Whether you are negotiating or going into litigation where a judge will decide, you should try to stay in control of your emotions. You should not agree to a plan for property division that leaves you at a disadvantage because you want the divorce over with quickly, but you also should not stall negotiations to get revenge on your spouse. You should pay attention to the costs associated with some assets. For example, you might not be able to afford the mortgage and upkeep on your home despite your desire to keep it.

You may want to discuss your options for property division with your attorney. Making a budget for your life after the divorce can give you a better sense of what you will need for financial stability and help you make the right choices as you negotiate dividing your assets.