A vast majority of divorces here in New Jersey involve equitable distribution of the former marital home. Often, either the husband or wife would like to retain the home and “buy-out” the other party. Both attorneys shall then engage a New Jersey real estate appraiser to determine a fair market value for the home. At this point, the lawyer for the spouse who is being “bought out” is concerned that their client’s name be removed from the mortgage. This protects their credit score and also enhances their ability to obtain a new mortgage so that they may buy their own new home. Furthermore, this is typically the way that this spouse receives their fair share of the equity in the home. Meanwhile, the other attorney needs a copy of a new “draft” deed to present to the bank in order to effectuate the refinance process. Ultimately, both lawyers shall coordinate things so the one spouse finalizes the refinance while the other ensures that their client receives confirmation that their name has been effectively removed from the mortgage and receives their money.
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The Benefit of an Early Settlement Panel to Your New Jersey Divorce
We are fortunate in New Jersey to have an Early Settlement Panel (ESP) program. When two divorcing parties can not agree on financial matters, a judge will typically send them to the program.
The goal is to help settle the financial issues such as alimony, child support, dividing of property or any other issues involving money. When alimony is a contentious issue in a New Jersey divorce, about 90% of those cases find their way to the ESP program. Issues such as child custody and/or parenting time are not entertained by the panel.
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