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Value of Marital Home

Valuation of Real Estate in NJ Matrimonial Case

August 16, 2011 by Admin

A recent Supreme Court decision in Sachau v. Sachau, 206 N.J. 1 (2011), highlights the impact of silence on key terms involving real estate in property settlement agreements (PSAs). Sachau centers on a PSA that was incorporated into the parties’ final judgment of divorce. The PSA, which was executed in 1979, provided that the marital residence would be held jointly by the parties until it was sold. Moreover, Ms. Sachau and the two children would be entitled to reside there until the youngest child reached 18. At that time, the PSA further stated, the house would be appraised and listed for sale within 30 days. Upon sale of the house, Mr. Sachau would receive $15,000, Mrs. Sachau would receive $10,000, with the remainder split evenly between them. The PSA failed to address, however, the amount to be divided if no action were taken by the parties to sell the house within 30 days. This in fact is exactly how the scenario played itself out. [Read more…] about Valuation of Real Estate in NJ Matrimonial Case

Filed Under: DIVORCE FORUM, Property Settlement Agreements Tagged With: Divorce, Property Settlement Agreements, Value of Marital Home

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