Dividing Divorce Assets

Tips for Dividing Divorce Assets if You are Representing Yourself

Dividing divorce assets when you’re representing yourself in court can be a challenge. Check out this educational video for help from New Jersey divorce lawyer Tanya L. Freeman.

What types of things should you consider if you are representing yourself? Think about all of the things that you built with your spouse and how you are going to take each component of your divorce apart. We will begin by discussing divorce assets. Perhaps you purchased a home. Depending on the state that you live in, it will not matter how that home is deeded, but the issue rather entails whether you purchased the home during the marriage. Likewise, you may have accumulated other real estate investments—investment properties, timeshares, or any type of vacation home—and those assets need to be divided. In addition, retirement plans, IRAs, a 401(k), and pensions are all divided when they accumulated during the marriage.

Your liabilities are also of chief importance. Do you have credit card debt? Do you have other personal loans, or even unsecured loans? Do you have cars that you have purchased in your joint names that need to be divided? Is there a home equity line of credit on your home? All of those things are going to matter, so you need to know how the court in your jurisdiction will handle each of your assets and each of your liabilities. You should have a plan on how you would like to divide them, and once that is settled, you should know what the rules are in your state as they relate to each asset and liability.