When you are going through a divorce, you need to deal with a number of issues. These include dividing up assets and debts, alimony, and child support. Having an attorney represent you throughout the process can make the difference between a favorable outcome and an unfavorable one. This link : https://www.scura.com/blog/are-property-settlement-agreements-discharged-in-nj-bankruptcy

Is a Marital Settlement Agreement enforceable after Bankruptcy?

In New Jersey, property settlement agreements are often a part of the divorce process. A good deal of weight is given to these documents. Often, these are prepared by an attorney after the parties have reached an agreement on all other aspects of the divorce.

As with any legal document, a property settlement agreement must be entered into by both parties with the aid of an experienced attorney. It must also be free from fraud and coercion.

Often, a property settlement agreement will be reviewed numerous times after the divorce is finalized. This is important because there are numerous scenarios in which an agreement may not be enforceable.

One example is a case in which the defendants claimed a lien on the property. However, the person in question had no interest in the property until the party claiming the lien had knowledge of the impending settlement.

Similarly, a hold harmless agreement is a form of debt that is dischargeable. Debts arising under such an agreement are determined by the amount of income the individual receiving the Chapter 13 plan would have earned to fund the plan.

The court also has the power to award marital property in a fashion that is fair and equitable. For example, a house or retirement fund may be awarded to the spouse.