How Can Leaving My Home Affect the Division of Assets Agreement During a Divorce?

How Can Leaving My Home Affect the Division of Assets Agreement During a Divorce?

Moving out of your home can be an emotionally and financially taxing process. Most people do not want to leave their home, however, when they can no longer live with their spouse, it is very often their only option. Many married couples jointly own or rent their family home. However, by moving, you are not relieved of your financial responsibility for that home. Both parties remain responsible for making mortgage payments, insurance payments, rent, and other household expenses. Despite all of this, when it comes time to divide your assets, New Jersey law states that the occupants of the family home at the time of divorce do not have a greater legal standing than the spouse who has moved out.  Both spouses remain equal owners of the family home (assuming that was always the case). If you are considering moving out of your home, continue reading to learn about the process going forward:

What steps should I take before moving out of my home?

Before moving out, it is recommended to take a few steps to ensure you are protected:

  • Make copies of any and all documents. This goes for all financial information such as deeds, mortgages, tax returns, business documents, and really anything which is proof of a major asset or expense
  • Get a PO Box. You will need a private and secure place to receive your personal mail, especially any documents pertaining to your divorce
  • Keep your children’s well-being in mind.
  • Take stock of valuables. By photographing and listing all of your valuables, you are preventing your spouse from either misrepresenting or flatly hiding/removing your possessions
  • Note all incomes and/or sources of wealth. This is related to point one, but is notable, particularly if your spouse has multiple sources of incomes, trust funds, or other less obvious assets
  • Open up new financial accounts and establish your own credit, if you have not already
  • Talk with a knowledgeable and compassionate attorney who will help you move forward in the most efficient way possible

Contact our experienced New Jersey firm

At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee.

If you are considering moving out of your marital home, or if you have already taken that step, our experienced divorce and family attorneys are here to help you understand the legal ramifications associated with this decision, and successfully navigate the various legal issues that may arise moving forward such as temporary child custody agreements, child custody agreements, domestic violence restraining orders, and more.

To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about moving out of your marital home during your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

Read Our Latest Blog Posts

  •  What are Grandparents’ Rights to Child Visitation in New Jersey?
  •  What are Father’s Rights in New Jersey?
  •  What is Equitable Distribution?