Since the 2008 mortgage crisis New Jersey home values have taken a substantial hit, losing approximately one-third of their value in some communities. Over the past couple of years values have been on the rebound. However, the pace has been very slow. If you’re going through a divorce, your home…
The IRS treats canceled debt as income. This means that when a creditor cancels or forgives debt the amount of the canceled or forgiven debt is treated as income to the person forgiven. For example, if you and spouse settled joint credit card debt for less than the amount owed…
A recurrent situation is where the parties to a divorce decide that one party will remain in the property after the divorce and they have to get the other party’s name off of the deed and/or the note and mortgage. Here’s How To Remove Your Ex-Spouse From The Deed To…
The following scenario plays out quite often as a couple is divorcing: Wife has primary custody of the children and she wants to remain in the house after the divorce so that the children can maintain some stability, finish high school and graduate with their friends. Husband wants to sell…
Once you have determined who owns the marital real estate, the next question is whether there is equity in the property to be distributed. Equity is the monetary value of the property if it were to be sold. A few examples will illustrate the concept of equity: Example 1: Husband…
A divorce or separation rarely starts off in a clean, orderly fashion. Once the relationship begins to deteriorate there is often a messy period where the parties rights and options are sorted out. Who stays and who goes, and on what timeline? Who pays for what expenses? Who keeps what?…
If you are contemplating a divorce or separation one of the trickiest issues to navigate is who will stay in the property while the divorce is being worked out and who will go. If you can agree on who will stay and who will vacate, and you can agree on…
One of the biggest issues in any divorce or separation is what will be done with real property – a house, a condominium, even a rental unit. The common issues to be resolved are: Who gets the property during and after the divorce? Who is responsible for paying the mortgage…