How Can Property Division in a Divorce be Impacted by the Coronavirus Outbreak?

The Coronavirus pandemic has changed the lives of New Jersey residents in more ways than one. As a result, people who filed for divorce before the outbreak are left wondering how their proceedings may continue. A large part of this process includes the division of assets. Continue reading below and contact an experienced New Jersey divorce attorney to learn more about how this may be impacted by the pandemic. 

How Can Property Division be Impacted?

In an effort to slow down the spread of the Coronavirus, courts throughout New Jersey closed temporarily with only emergency cases being heard. While some judges agree to virtual hearings, property division matters are not as high of a priority as some other issues of divorce or family law. In addition to this, once courts do reopen, they can be expected to be backed up for months to come. It is because of this that it may take a while for a property division case to be heard. 

When a judge finally does divide the couple’s marital property, it is possible that the process can be impacted by the outcome of the pandemic. During the division of assets, judges often use experts to value and divide the property. This can include real estate appraisers, actuaries, brokers, accountants, and more. It is important to keep in mind that judges cannot predict the turnout of the economic crisis caused by the pandemic and how stable the economy will be once it is over. These factors can play into how a property is valued and therefore distributed.

How Do I Protect My Property While I Wait?

Couples who must wait until the pandemic is over to divide their assets between them are most likely concerned about how they can protect the properties. This can be possible through the following:

  • The discovery process. Both spouses should identify all assets and debts so they know what they have. This can include informal information exchanges and formal methods, such as sworn inventories, interrogatories, requests for documents, depositions, etc.
  • Monitoring and managing the assets. Spouses should choose which assets each of them will be required to manage and who pays for which debts. It is important to keep both parties informed of any changes regarding the assets and stay aware of all earnings and income. 
  • Temporary agreements or orders. Agreements between both parties exchange reporting about the assets and liabilities in writing so that you can avoid misunderstandings. 

Contact our Firm

We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.