Divorce is inevitably complicated because there are various important decisions that must be made throughout the legal process. One of the most difficult parts of a divorce is the division of assets. In New Jersey and many other states, a married couple’s shared property must be reasonably divided between both spouses in a divorce. If you’re planning on filing for divorce soon, you might have questions about what will happen to your house during this time. No need to worry because our knowledgeable law firm has the answers you need! Continue reading this blog to learn more about this topic. You may also reach out to an Ocean County Property Division Attorney who can provide individualized legal counseling.
SHOULD I SELL MY HOUSE BEFORE A DIVORCE?
This depends entirely on the circumstances of your situation. Most divorcing spouses in New Jersey find it’s best to sell the house before or after the divorce. Attempting to sell a house during the divorce proceedings could potentially lead to financial problems. Since the divorce likely can’t be finalized until the house is sold, the selling process will be rushed – meaning your house might be sold for far below the asking price. Obviously, this is less than ideal especially if you’ll need the funds to buy a new place to live after the divorce is finalized.
Selling the house before filing for divorce could be a good idea if neither you nor your spouse will be able to afford the mortgage/rent payments after the other marital assets are divided. Remember that a divorce can completely change your financial status – so even if you want to keep your family home for sentimental reasons, this decision could potentially hurt your finances.
HOW IS MARITAL PROPERTY HANDLED IN A NEW JERSEY DIVORCE?
New Jersey courts use an equitable distribution model in the divorce process. Assets that were acquired together by spouses can be considered shared property, but marital property also includes assets collected by either spouse throughout their marriage. In many cases, the family home falls under the category of marital assets. Spouses can make settlement decisions with guidance from a divorce attorney. If a divorcing couple cannot come to a reasonable agreement on their own terms, this is when a judge must step in to make the final settlement decisions. Divorce judges in our state split marital assets based on various factors, such as the length of the marriage and each spouse’s overall financial status.
Are you considering filing for divorce in New Jersey? If so, you might be seeking a trustworthy divorce attorney that can guide you through this difficult process. Look no further because our highly experienced legal team is on your side every step of the way! Contact the Law Office of Sarina Gianna today for an initial consultation.