The Coronavirus has forced lives to change in several different ways, including how divorce proceedings are continuing if the couple filed before the pandemic began. As the division of assets is a large part of this process, couples are left wondering how their marital property can be divided during this time. Continue reading below and contact an experienced New Jersey divorce attorney to learn more.
How Can Property Division be Impacted?
Due to the pandemic, New Jersey courts across the state closed temporarily and are only taking emergency cases. While many judges are participating in virtual hearings for some cases, property conflict matters are not considered as high of a priority as other divorce and family law issues. As a result of these closures, cases can be expected to experience delays, as the courts will most likely be backed up for the next few months.
When a couple does finally have the opportunity to have their property divided by a judge, it is possible that the process can be impacted by the outcome of the pandemic. During property division, a judge may require the help of experts, such as real estate appraisers, brokers, actuaries, accountants, and more to value and divide the property. These individuals must be in business to do so. In addition to this, judges cannot predict the turnout of the economic crisis caused by the pandemic. This can play a large factor in how property is valued and therefore divided.
How Do I Protect My Property While I Wait?
Couples who are able to wait until the end of the pandemic to divide their assets will most likely have concerns about how they are able to protect them while they wait. This can be done by the following:
- Discovery. Identify all assets/debts so you are aware of what you have. This can include an informal exchange of information as well as formal out of court methods, such as sworn inventories, interrogatories, requests for documents, depositions, and more.
- Monitoring and managing the assets. Determine which spouse will manage which of their assets, in addition to who is paying for which debts. Be sure to keep both parties informed of any changes that occur regarding the assets and stay aware of all earnings and income of both parties.
- Temporary agreements or orders. Agreements between both parties exchange reporting about the assets and liabilities in writing so that you can avoid misunderstandings.
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Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.