Subject: New Jersey Sample Letter for Divorce — Comprehensive List of Liabilities and Assets Dear [Spouse's Name], I hope this letter finds you well. As we navigate through this challenging time in our lives, I believe it is crucial to maintain open and transparent communication. To ensure fairness and clarity during our divorce proceedings, it is necessary for both of us to compile a comprehensive list of our liabilities and assets. The purpose of this letter is to provide you with a New Jersey sample template that will guide us in documenting our respective financial holdings and responsibilities accurately. It is important to note that while this sample letter should serve as a starting point, it may require customization to cater to our unique financial situation. Our legal advisors can provide further guidance in tailoring this template to best fit our needs. I. Liabilities: 1. Mortgage(s): — Please provide details about any outstanding mortgage(s) on our primary residence or any other properties we jointly own or individually possess. 2. Loans: — Include all loans in either of our names, such as personal, student, or auto loans, indicating the outstanding balance, creditor's name, and account number. 3. Credit Card Debt: — Disclose any credit card debts for both of us, specifying the creditor's name, account number, and the outstanding balance. 4. Taxes: — Document any unpaid federal, state, or local taxes, including income tax, property tax, or any other tax liabilities. 5. Other Debts: — Consolidate any additional liabilities that do not fit into the aforementioned categories, such as outstanding medical bills, business debts, or any other financial obligations. II. Assets: 1. Real Estate: — Provide details of all properties owned jointly or individually, including the address, fair market value, mortgage information, and any rental income generated. 2. Vehicles: — List all vehicles under either of our ownership, outlining the make, model, year, current market value, and any associated car loans. 3. Financial Accounts: — Comprehensively record any joint or individual bank accounts, investment accounts, retirement accounts (401k, IRA, pension plans), and their respective balances. 4. Business Interests: — Specify any ownership interests, partnership stakes, or shares in private businesses, and include relevant financial details. 5. Personal Property: — Enlist significant personal belongings like jewelry, artwork, furniture, electronics, and their estimated values. 6. Other Assets: — Mention any additional assets that are not covered in the previous categories, such as patents, copyrights, royalties, stock options, or valuable collections. Please note that this sample letter primarily outlines the broad categories of liabilities and assets to be considered during the divorce process. However, it is imperative for us to collaborate and consult legal professionals to ensure that all necessary details are properly documented. I believe that striving for fair and transparent communication is in our best interest as we work towards a mutually-agreeable resolution. Kindly review the contents of this letter, and let's discuss any modifications or additions you may require. It is vital that both parties coordinate and provide accurate information to ensure an equitable division of liabilities and assets. Wishing you peace of mind during this challenging period. Sincerely, [Your Name]
New Jersey Sample Letter for Divorce - List of Liabilities and Assets
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FAQ
New Jersey uses 'equitable distribution,' meaning that the court will divide property between the parties in a manner that is fair and equitable, and not necessarily equal.
New Jersey uses 'equitable distribution,' meaning that the court will divide property between the parties in a manner that is fair and equitable, and not necessarily equal. Practically speaking, though, most divorces will have close to a 50/50 split of property.
A separate bank account can easily become marital property. Our Morris County, NJ divorce lawyers can help you learn more about the property division process and fight for an outcome that best protects your assets.
Ways you can protect your money in a New Jersey divorce: Don't hide your money. ... Learn how much money you have. ... Separate your bank accounts. ... Bring in a forensic accountant. ... Make sure the paperwork is filled out correctly. ... Remember the ?extras? in child support. ... Hire a divorce attorney.
New Jersey is an equitable distribution state. This means that the court must divide any assets, property, and debt accumulated your marriage in a fair manner.
The Rules for Division of Assets in a California Divorce Each spouse is entitled to 50 percent of marital property. Virtually all property, money and assets acquired during the course of the marriage are considered marital property with a few very limited exceptions such as an inheritance left only to one spouse.
In New Jersey limited duration alimony, permanent and/or rehabilitative alimony, reimbursement alimony, or a combination thereof will be ordered. For example, a spouse unable to get skills and training necessary to get a job and support themselves may be entitled to permanent alimony.
How Is Debt Split in a Divorce in California? California is a ?community property? state, which means that any assets acquired and any debts incurred by either spouse during the marriage belong equally to both spouses.
