source of information on how to protect both parties’ interests.
Many questions arise when trying to sell your home during a divorce. What needs to be done to ensure a quick and profitable sale? Who will choose the real estate agent? Do you use a Realtor®**(see footnote)? When is the best time to list a home? Who bears the financial responsibilities of the sale? You can proactively allay your fears and clear up misconceptions by doing your due diligence and researching what to expect throughout the selling process. Every divorce has a unique set of circumstances. This book is not intended to provide legal counsel or advice - but rather to provide you with information regarding the sale of your marital real property - which includes legal information. Becoming familiar with some real estate terminology and options will give you a better understanding of your situation and confidence that, indeed, “this too shall pass.” Some states are known as “community property” states and others, like New Jersey, are defined as “equitable distribution” states. Community property states follow the rule that all assets acquired during the marriage are considered “community property.” There are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Alaska is an opt-in community property state that gives parties the option of making their property community property. The remaining 41 states, including New Jersey, follow the laws of equitable distribution, which means property acquired during the marriage, will be divided between the spouses in a fair and equitable manner. If couples cannot agree on equitable distribution of assets, the court will determine who receives what based upon a variety of
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