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The most important detail when addressing a home during divorce

On Behalf of | Apr 10, 2024 | Property Division

People preparing for divorce proceedings in New Jersey frequently focus on their biggest assets. As such, a marital home where the spouses live together can be a source of conflict. Spouses often disagree about who should stay in the home during divorce and who should keep it after. Frequently, people get so bogged down in possession disputes that they fail to look at the bigger picture.

Under New Jersey’s equitable distribution rules, both spouses should receive a fair or equitable portion of the marital estate. Actually obtaining a fair share of home equity requires that people attend to a crucial detail early in the process.

Spouses need to know what their homes are worth

Home value is not static. It fluctuates constantly based on factors ranging from seasonal demand and local school performance to improvements people have made in the property and current real estate trends.

People often have a very inaccurate idea of what their homes are actually worth. Spouses preparing for New Jersey divorces frequently need to have an appraisal conducted. An appraiser is a real estate professional capable of evaluating a home to determine what it is worth.

Real estate agents can provide similar support but may have less authoritative opinions on property value. Arranging to have an appraisal performed helps ensure that people know what their homes are worth so they can seek appropriate property division terms in their divorces.

Only those who know the value of their most expensive marital property are in a position to optimize the outcome of their divorce proceedings. Therefore, learning more about the challenges of equitable property division can be beneficial for those preparing for a New Jersey divorce.