Agreement does not always come easily in marriage. In divorce, it may be even harder to come by.
When a divorcing couple finds themselves at odds over the valuation of their house in New Jersey, even more challenges can emerge and affect various aspects of the divorce proceedings.
Financial uncertainty and delays in resolution
In New Jersey, the median value of an owner-occupied home is $401,400. One immediate consequence of a valuation dispute is financial uncertainty. The couple, in a web of conflicting appraisals and opinions, may struggle to determine the equitable distribution of assets. The prolonged disagreement often leads to a delay in the divorce process, resulting in increased stress and financial strain.
Implications for equitable asset division
In New Jersey, equitable distribution is the guiding principle in dividing marital property. When people contest the value of the marital home, achieving an equitable division becomes a complex task. Discrepancies in valuation can tilt the scales unfairly, affecting each party’s financial standing post-divorce.
Impact on the sale process
If the divorcing couple decides to sell the property, the valuation discord can have repercussions on the sale itself. Prospective buyers may be hesitant to enter into a transaction where the sellers are in disagreement, potentially leading to a long selling process or even a decrease in the property’s market value.
Emotional toll
Beyond the financial and logistical challenges, the emotional toll on the divorcing couple can be significant. Disagreements over the value of the marital home can escalate tension and strain relations, making it harder for the couple to navigate other aspects of the divorce amicably.
Navigating such disagreements requires careful consideration of the implications, both financial and emotional, for all parties.