Equitable Distribution


#1

I am not sure where to start. I have lots of questions but I guess the first one I want to know about is Equitable Distribution. I know that assets are divided in a fair way. My question is how does equitable distribution work if the property you own still has a mortgage on it? In my case I own a couple of apartment buildings with my soon to be ex and we have about 8 to 10 more years to pay on it. We don’t have any other homes but we do have a truck that is paid for (He took it) and a car that still has a payment (I am paying that) and a lot of credit card debt.


#2

In equitable distribution, you can ask the court to order property sold and the proceeds divided, or you can ask that one party be awarded the property and request that party be ordered to refinance the property to remove the other party’s name from the mortgage.


#3

How do you award the other party the house and make them refinance it through Equitable Distribution?
Our Separation Agreement states it but gives him 1 year to refinanace. What is the length of time the courts give? If there were more pressure, I’m sure his family would co-sign and I could wipe my hands clean.


#4

A court can compel a party to act through a court order. The time frame that a court would include in its order for an action such as a refinance would vary depending on the circumstances. If you have already signed a separation agreement that allows a year to refinance, then you do not have a need to file a claim forequitable distribution.


#5

I have been separated from my spouse for three years, I decided to leave, but we mutually agreed since I worked 50 minutes from work one way. I had an attorney draw up separation papers three years ago my spouse refused to sign because of the clause regarding equitable distribution. It’s been three years, I am not divorce due to the fees, I saw Rosen law firm in an old email of mine and have decided to go this route. The question I have; although, it’s been 3 years that we have lived in separate houses can I file for equitable distribution along with my divorce.


#6

Yes, you can file for equitable distribution with the divorce. You need to have your claim for ED pending at the time the divorce is granted or you lose your right to file.