A home is an important part of one’s life. It is where we learn, grow, and make memories. A difficult aspect of a divorce is deciding what will happen to the family home. The home tends to be a couple’s largest asset. Additionally, it can be a place of immense sentimental value. So, how do you decide who gets to keep the house in the event of a divorce? Read on for more information regarding equitable distribution in New Jersey.
What Precautions Can I Take?
In New Jersey, there is marital property and separate property. This is an important distinction. Marital property is property that has been purchased during the marriage. Separate property has been purchased before the marriage, or during the marriage but kept separate. Notably, separate property can become marital property. So, if you purchase a house and then you get married and your spouse moves in and contributes to the mortgage payments and upkeep of the house, the house may become marital property. One way to help ensure that you keep the house in the event of a divorce is if you declare it in a prenuptial agreement. But, if you don’t have a prenuptial agreement and your spouse owned the house together, the house will be considered for equitable distribution.
What are the Options?
There are various options when it comes to deciding who gets the house and/ or what to do with it. One common solution is to sell the home and split the profit between the two parties. Another option is to buy out your ex-spouse. Many couples with young children may choose to co-own the house. This usually means one spouse will reside in the house and the other will move out. Often, once the children are of age, the divorced couple might choose to sell the house. Ideally, you and your ex will be able to decide what to do with the home through mediation. But, this is not always possible. As previously mentioned, a house is usually a couple’s largest asset. In the event that a couple cannot come to a decision, the matter will be decided by the court.
What will the Court Consider?
The court will consider many factors when determining which spouse keeps the house. Some of these factors include the length the marriage, how much each couple contributed financially, the debts and liabilities of both parties, and child custody considerations among other things.
If you have any questions regarding divorce arrangements, equitable distribution, prenuptial agreements, and more, contact our firm today.
Contact our experienced Ocean City firm
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.