How do we divide a property during a divorce?

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How do we divide a property during a divorce?

What is needed if one person wants to take responsibility of the property in regards to down payment, mortgage etc.

Asked on August 21, 2012 under Family Law, New Jersey

Answers:

Brad Micklin / The Micklin Law Group

Answered 8 years ago | Contributor

Equitable distribution is the principle that divides assets and debts. This does not mean equal distribution but, instead, is determined by the court after considering a number of factors. Some of these factors include, but are not limited to, the length of the marriage, the contributions of both parties to the acquisition of assets and debts, the ability of the parents to earn once divorced, childcare responsibilities of either parent come, any other assets available to contribute to support, and any other factor that the court considers relevant.

Despite these issues, the equitable distribution of assets and debts in a divorce case are commonly equal because there rarely reasons to deviate.  Some common reasons to deviate are unequal contribution to the acquisition of assets and debts, a grossly disproportionate ability to earn support once divorced and other reasons deemed equitable by the court.   

In many cases, and in response to your question, you would need an agreement from the  person who wishes to take responsibility for the down payment that provides for that obligation as well as an indemnification and protection in the event that they failed to do so.

You should speak with an experienced attorney who is familiar with these areas of law.

Good luck.

Brad M. Micklin, Esq.

187 Washington Ave., Suite 2F

Nutley, NJ 07110

973-562-0100

[email protected] 

This information is based on New Jersey law and upon the limited facts you presented. My advice may be different if I find that the facts presented are different.  Additionally, this answer does not contain any confidential information nor does it create any attorney/client relationship. 


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