End of “Entitlement” to Increase in Value of Pre-Marital Residence of Spouse in NJ Divorce?
- April 18, 2012
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On January 30, 2012 a bill was introduced which would substantially modify equitable distribution in dissolution matters by eliminating the “entitlement” of a spouse moving into the pre-marital home of the other spouse from sharing in any increased value of the house at the time of divorce without making a showing of substantial contribution to the increase in value. Notably, contributions to payment of mortgage, taxes, insurance, utilities, routine maintenance or repairs will not be qualify as a contribution to an increase in value under the terms of the bill.
This bill, if passed, could prove especially effective in protecting individuals with the majority of their net worth in their house, parties in second marriages with children from a first marriage they wish to protect financially and seniors entering into a marriage, civil union or domestic partnership who will not have time to recoup lost equity.
This bill, still pending, was introduced by Alison Littell McHose, Assemblywoman representing Morris, Sussex and Warren Counties in the State of New Jersey.
For more information on equitable distribution, child support, spousal support/alimony, civil union dissolution, divorce or post-judgment modification in NJ visit HeatherDarlingLawyer.com.