New Jersey is an equitable distribution state. Couples have to divide their property in a fair manner. If they cannot agree on what is fair, then a judge may ultimately make decisions regarding the allocation of marital assets and debts.
In some cases, disputes about property extend beyond just who gets to retain the assets. There may be disagreements about what those assets are worth. The higher the fair market value of marital resources, the greater the impact they may have on the overall equitable distribution process.
The home where the spouses live together might be the biggest asset they share. Who determines what that home is worth when they divorce?
Spouses can agree to a fair market value
The longer they have lived in their shared home, the more they may need the insight of an appraiser or another real estate professional. Improvements to the home and changes in the local market may mean that the value of the home has changed dramatically. Spouses can agree to a value based on their perception of the situation as part of the property division process.
Judges can settle disputes
Perhaps each spouse had an appraisal performed, and the professionals involved returned very different suggested values. If the spouses can’t agree on a value, then the judge may need to look at the situation and determine what they believe is appropriate and fair.
People facing disagreements regarding their biggest resources during divorce may need help protecting themselves and their finances, and that’s okay. Learning about how to overcome common property division disputes can help people set up their finances for optimal economic recovery after a divorce.