Equitable Distribution of Marital Residence in a New Jersey Divorce. Generally, the marital residence is put up for sale upon the date of the Final Judgment of Divorce or soon thereafter, but the parties may wish to stay in the marital residence post-judgment or one of the parties may wish to stay in the house post-judgment. If one party or the other is staying in the marital residence and continuing to pay the mortgage for both parties, then that party may wish to receive a credit for the 50% of the mortgage principal paid down on behalf of the other party. One party may ask for the marital residence to be refinanced so that they can pay off the other party's equity in the marital residence. In such cases, an independent appraisal may be necessary to determine the equity in the marital residence. If you have questions about the equitable distribution of your marital residence, call us at Green & Associates for a free consultation at 732-390-0480 or 201-242-1119 in our East Brunswick divorce or Fort Lee divorce family law offices with our NJ divorce lawyer and NJ divorce attorney.
Nov 4, 2016 @ 01:00 PM — by Michael Green