A NJ Divorce Trial on Equitable Distribution of a Marital Residence. In the instance where parties have been separated for many years and one party has stayed in the marital residence and the marital residence was purchased during the marriage, a party may try to assert that the marital residence should not be distributed equally. However, the party residing in that residence during the period of separation derived a benefit from staying in that residence. If the residence also has with it a commercial space, such as a building with a lower level that may be used commercially and the upper level is a residence, then that party also has derived a benefit from using the space for both commercial and residential purposes. If the contract of sale and the deed were in the name of the party that left the residence, it is inarguable that the property was a marital property and under New Jersey law should be equitably distributed by a New Jersey Family Court. Evidence at trial may be brought that can determine for a court that the marital residence was purchased during the marriage and resided in by the parties during the marriage. An appraisal of the property to determine its value may also be done to determine the value of the property for purposes of equitable distribution. If you have questions regarding the ultimate distribution of your property after a lengthy separation, call Green & Associates in our Fort Lee or East Brunswick divorce offices for a free consultation at 732-390-0480 or 201-242-1119.
Oct 14, 2016 @ 08:00 AM — by Michael Green