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Family home may be source of contention during divorce

Dealing with a couple's assets is often one of the biggest stressors when dissolving a marriage. This can be true whether a couple has many assets or only a couple of major assets, such as the family home and some property. A couple of tips might help individuals in New Jersey safeguard their financial interests when going through the divorce process.

How to handle the marital home is one of the biggest points of contention in a divorce. This is because the home can be a high-value asset, particularly when much of the mortgage on it has been paid. In addition, people understandably have emotional ties to their marital homes.

The custodial parent typically desires to hold onto the marital home. However, the house must be maintained so that its value will be retained. Likewise, the taxes, mortgage and insurance will have to be paid. If a person will have to depend on child support payments to make his or her mortgage payments every month, it is unwise to keep the family house. Instead, he or she may wish to sell the home and then utilize the proceeds to purchase a new, less-expensive residence.

Appropriate legal guidance may help individuals in New Jersey address financial matters such as the division of assets and property in a manner that is personally beneficial during the divorce process. It can be helpful to tackle these matters through divorce negotiation, which will prevent further court intrusion. If two people cannot find common ground through negotiation, a judge will have to make the final decisions about their financial matters for them.

Source: CBS Boston, "Breaking Up Is Hard To Do: Are You Splitting Assets Or Debt", Dee Lee, Aug. 16, 2016

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