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property division Archives

What can you do to prepare to talk about property division?

As previous posts here have mentioned, there are quite a number of potential issues to prepare to address in a divorce case. But, for many people, besides the issues that deal with their children, the main concern is property division. So, what can you do to be prepared to talk about property division options in your divorce case?

What can you expect in property division with a divorce?

Going through a divorce can be a trying time for any New Jersey resident. There are a litany of issues to address in the divorce process, including child support and child custody in many cases, as well as alimony. But, for many people, the most important part of the process will be property division.

How does one put a value on artwork?

One of the most difficult things to put a precise value on without just selling it is a piece of unique artwork. The fact that fine art is hard to value can present problems during the property division process following a divorce or a bed and board divorce. Incidentally, not being able to get an accurate value on one's art can also present issues for even happily married couples who are trying to manage their finances.

How do you put a value on a small business?

Many New Jersey residents own their own businesses. Sometimes, this is just a small, part-time operation that supplements income from a husband and wife's day jobs. At other times, the business really takes on a life of its own and becomes the means of a couple's support and livelihood. Many small, privately-held businesses in New Jersey give families the ability to live a very comfortable life.

What to do and avoid to create a valid prenuptial agreement

Like most other states, New Jersey allows couples contemplating marriage to enter in to prenuptial agreements. These agreements, which, incidentally, can also be beneficial even to couples that have never been divorced and have no plans to divorce, help with important property division issues and can also be an important tool for estate planning.

End joint bank accounts and credit cards with the marriage

Over the years of marriage, couples in New Jersey amass a good deal of assets, some of which are very valuable. While of course some assets, such as the family home, are tangible, there are other, less tangible assets, such as bank accounts. However, bank accounts can be a very valuable asset that a couple jointly owns during the marriage. Therefore, spouses in New Jersey going through the property division process should consider how their joint bank accounts are closed.

Don't forget the engagement ring in a prenup

A prenuptial agreement can prevent many disputes and litigation costs over property division in a New Jersey divorce. Any advantages are more likely if these agreements are well-drafted and address property that has the potential for a dispute. When negotiating and drafting these agreements, future spouses should also consider property that usually does not come to mind.

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