If you are someone who is ready to get divorced, there is a very good chance you have a lot on your mind, especially if children are involved. If you do have children, then sorting out child custody is most likely your top priority, however, if you are a homeowner, keeping your house is most likely your second priority. Unfortunately, in divorce, many spouses end up losing their homes, which is why you are probably ready to do anything in your power to keep yours. Please continue reading and reach out to our experienced Ocean City divorce attorney to learn more about how New Jersey courts determine who gets to keep which assets in a divorce. Here are some of the questions you may have regarding the legal process ahead.
What is equitable distribution?
Essentially, equitable distribution is the process by which courts will distribute both you and your spouse’s assets. Do not be thrown off by its name, however, as equitable seldom means equal. It more means that the courts will analyze various aspects of you and your spouse’s lives, and from there, they will determine which property is considered marital property, which is separate property, and they will divide it according to how they see fit.
What is marital property, and is my home considered marital property?
In short, the answer is yes, your home will most likely be considered marital property. Marital property is basically all property that was acquired throughout the course of your marriage. Marital property is nearly always subject to equitable distribution. Separate property, on the other hand, is property acquired before or outside of a marriage, such as a gift or inheritance. Though your home may be up for equitable distribution, our firm can fight to prove your case as to why you truly deserve to keep your home.
What do NJ courts consider when determining who can keep my house?
They will analyze various aspects of you and your spouse’s lives, including your child custody agreement, both you and your spouse’s yearly income, whether either spouse requires alimony/child support payments, and more. Child custody often plays a greater role in who can keep the home than you may necessarily think, as NJ courts will strongly consider the fact that ripping a child out of his/her childhood home can be very unsettling to that child, which is why if you do have physical/legal custody of your child, you may stand a greater chance of keeping your home.
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.