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Divorce and Refinancing Your Morris County Home

Refinancing Your Home as Part of Your Morris County DivorceAny divorce will present a myriad of complicated and emotional decisions.  Everything from alimony to child custody and child support will need to be agreed and decided on. However, one of the most difficult decisions that may need to be made is deciding what to do with a home.  Valuing and equitably dividing a family home or other property is one of the most complicated, and financially important, matters that will need to be decided during your divorce.

Many have chosen to refinance their home as part of the divorce process. In fact, Forbes.com recently released an article discussing several reasons why refinancing your home as part of your divorce might make financial sense for you.

Regardless of whether or not a mortgage refinance makes sense for you, the most important step you can take during any divorce is to consult with an experienced divorce attorney.

The Family Law Legal Team at Law Offices of Towsend, Tomaio & Newmark, led by Paul H. Townsend a Certified Matrimonial Lawyer, has many years of collective experience working with high-net worth divorce cases and complicated divisions of assets in Morris County and surrounding communities; making them ideally suited to work with any client who needs to equitably divide homes, properties, or other complex finances during a divorce. If you are considering refinancing your home as part of your Morris County Divorce, then let us put that experience to work for you. Call today!

Divorce, Marital Debt, and Mortgage in Morris NJ

Refinance and Debt Division Lawyers Chatham NJ

Possibly the most critical reason to consider refinancing your home as part of your divorce is because of the way marital debt is handled by credit agencies and mortgage lenders. If any debt was incurred under the names of both spouses ,as is common with many mortgages, lenders can still pursue both parties for repayment of that debt despite any court order such as a Divorce Settlement Agreement.

As an example, if one spouse maintains ownership of the family home as part of their divorce’s equitable distribution agreement, many people wrongly assume that doing so transfers all mortgage obligations to the spouse who has possession of the home, and in certain cases this may be true. However in is important to be sure to have your Morris County divorce attorney verify this with your lender..

As an alternative, a divorcing couple can elect to refinance their mortgage or create an agreement stating this to be done shortly after the divorce finalizes.  This will change not only the titled owner but, most importantly, change the name of the person taking out the loan. Doing this will remove the obligations of the party not retaining possession of the home, and protect their credit rating moving forward.

Mortgage Refinance and Equitable Distribution of Morristown Property

Property Division Attorneys Chester NJ

An additional reason you should consider refinancing your home as part of your divorce is the flexibility it can give to your equitable distribution agreement.

New Jersey divorce law states that all marital assets must be divided equitably as part of the Divorce Settlement Agreement. This means that if one spouse wishes to retain ownership of the family home, they then must provide their spouse with some other assets “equitable” to the estimated value of the home. This may mean greater portions of savings accounts or retirement funds, and in some cases may even mean a spouse choosing to forfeit their alimony rights in exchange for ownership of the home.  This is commonly referred to as “spousal support buyout”.

Moreover, refinancing a home can provide the funds for one spouse or the other to “buy out” their spouse’s interest in the home.  This means that retirement accounts, savings accounts,  investments, business ownership, rights to alimony, etc. can then all be awarded and equitably distributed.

Of course, any time you are deciding how to divide your marriage’s assets during the divorce process, it is highly recommended that you work with an experienced and skilled Chester equitable distribution attorney to ensure that all assets are valued accurately, divided fairly, and done so in a manner which protects your financial rights now and in the future.

Home Refinance, Investment, and Debt Consolodation across Morris County

Mendham NJ High-Net Worth Divorce Lawyers

To conclude, refinancing your home during divorce could make sense because of the liquid funds which may become available as a result of the refinance.  Currently interest rates are at all time lows, and many divorcing couples are taking advantage of this by refinancing their home.

These funds be used to not only more favorably negotiate an equitable distribution agreement, but also to help pay off other marital debts, finance necessary home renovations, or even be reinvested into other things which might provide a greater return on investment than the home itself.

Contact Our Morristown Complex Asset Division and Distribution Attorneys Today

At Townsend, Tomaio & Newmark, L.L.C., in Morristown, our legal team includes divorce and asset division lawyers whose focus is specifically on distribution of martial assets. Partner Paul H. Townsend is a respected and invaluable resource in this area. He has been published in the informational treatise Forensic Accounting in Matrimonial Divorce. Our skill and experience has allowed us to represent our clients in Morristown, Chester, Chatham, Mendham, Harding, Morris Township and all over Morris County. 

To discuss your current situation with one of our knowledgeable property distribution attorneys, contact us at our offices in Morris County anytime at 973-828-0829. Our divorce and family lawyers are always available to provide you with a cost-free initial consultation.



Annulments: Voiding a Marriage in New Jersey

Divorce is not the only way to end a marriage. In certain circumstances, annulments can be secured. However, they differ significantly from divorce in several key aspects. Annulment is a term that most have heard of but in reality few understand. When it comes to divorce and family law in Morris County and Bergen County,… Continue Reading

Is My NJ Mediation Legally Binding?

Mediation is a commonly used form of alternative dispute resolution which seeks to resolve the issues of divorce and family law matters without formal litigation. Many individuals choose divorce mediation in order to keep their legal proceedings as amicable and flexible as possible, and to have the power to reach their own decisions in the areas of child custody, child support, alimony, and… Continue Reading

Co-Parenting During and After Divorce Harding, NJ

For parents going through a divorce, the safety, happiness, and wellbeing of their children is a top priority. While the many legal concerns of divorce such as alimony, division of marital assets, child custody and so forth are extremely important, it is also vital that children are given a consistent and loving environment during and after the divorce process.… Continue Reading

Why Choose Collaborative Divorce in Morris County?

Collaborative divorce, much like other alternative conflict resolution methods such as mediation, is a great choice for many divorcing spouses who wish to work together during the divorce process. Divorce is certainly a stressful time, but it does not need to be a battle. Many spouses are able to resolve even the most complex issues of divorce… Continue Reading

Financial Benefits of Divorce Chester, NJ

Divorce gets a bad rap in a lot of respects, but nowhere more than how it has the potential to negatively impact the financial wellbeing of former spouses. While this certainly can be the case without proper legal counsel, many family’s financial situation actually improves after a divorce. There are two primary ways to both protect… Continue Reading

Non-Traditional Families Morris County, NJ

Less than half of all American families are what would formerly be considered “traditional”. In fact, our family law attorneys hesitate to even use the term traditional as the concept is quickly fading away. Thankfully, legislation and state laws are changing to reflect this as well. With same sex marriage becoming legal at a state and federal level, judges considering tri-parenting child… Continue Reading

Holidays for Separated Co-Parents in Morris County, NJ

While it may not be on the forefront of parents’ minds while going through a divorce or of unmarried parents going through child custody proceedings, scheduling holidays and vacations are amongst the most contentious issues for co-parents. The conflict is often simple: holidays only occur once per year and both co-parents want to spend that time with their children. Thankfully,… Continue Reading

Substance Abuse and Divorce in Morris County, NJ

The issues of substance abuse and divorce are the types of topics which we all know effect millions of people, but never expect it to impact us. Unfortunately, the reality is that in the U.S. nearly 1,000,000 divorces take place each year and tens of millions of adults will partake in binge drinking or illicit drug use. When the numbers are that… Continue Reading

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