Jointly Owned Automobiles
Do you and your spouse own one or more cars, motorcycles, boats, RV's or other transportation vehicles. Those are considered household items for equitable distribution purposes. You may wonder how does one determine the value of these shared items? In New Jersey the market value for any transportation vehicle is typically the Blue Book value stated for that given vehicle. This information can easily be obtained via the internet or via many automotive sales agencies. Once the value is determined, either the vehicle in question has to be sold and the money divided, or another agreement needs to be reached via negotiations with lawyers.
Other Items to Divide in a Divorce
Do you own paintings, sculptures, brand new kitchen appliances or other cookery? How about beautiful furniture, expensive rugs, luxury curtains, patio furniture or other home décor? Once again, this is considered property that is to be divided by way of equitable distribution. However, the determination of the value is a bit different in these instances. In this area, New Jersey states that the relevant market value of each of the home items is what the items would sell for at a garage sale. So, once again, the option is to sell and divide the money, or to try and negotiate via lawyers, a trade of items; i.e.: one spouse takes the living room furniture and other takes the patio furniture. It may seem easy enough to do, but without lawyers, it can be very difficult to divide equally without fighting.
Getting Items Appraised
Do you have any household items that are of unusual or exceptional value? Do you have any collectors items? Perhaps these things may not really be suitable for sale at a garage sale due to their extremely high value. You do have the option of getting any item you deem unusually valuable appraised. The items which you have appraised can be sold at a greater value in a market specially geared toward their sale.
If one spouse wishes to keep what is considered a collectible or extremely valuable item, then it needs to be appraised and the spouse who is keeping the item must compensate the other spouse for part of the value of the item. Again, this can be difficult to negotiate fairly without the assistance of a lawyer.
Contact a NJ Divorce Lawyer Today
It is important to remember that New Jersey divorce and family law is a complicated collection of different rules and regulations. A divorce is a painful process and can be made even more painful if one is not fully aware of the exact legal steps needed in order to ensure that everything is handled according to the letter of the law. Do not let yourself fall into the position of making unnecessary and costly legal errors. Contact a lawyer as soon as you are ready to begin the process and we can assist you in all aspects of your divorce. Villani & DeLuca serves Ocean and Monmouth County residents and our experienced and trained attorneys are here to provide you support as you undergo what is certain to be a difficult and life changing process.