Divorce is something that nobody wants to think about, and also something few people expect when they first get married. However, if you are in a divorce, you most likely realize how fast it springs on you. On top of the emotional weight a divorce can carry, you are now forced to make several important legal and financial decisions. Unfortunately, if you and your spouse cannot agree on the terms of your divorce, you will most likely end up going through the litigation process.
When your divorce falls into litigation, many up your assets are up for grabs, though most spouse’s primary concern is whether they can keep their home. Suddenly having to pack and leave is a major life change, and oftentimes, it can feel like a downgrade. This is why you must hire an experienced attorney who understands how frightening these circumstances can be. Our firm will fight for your rights every step of the way. If you suspect you may lose your house in a divorce, please read on to learn more:
What is equitable distribution?
Equitable distribution is the process by which the court will divide your assets. In this case, “equitable” means a fair and reasonable division of your assets. While the court generally has everybody’s best interest in mind, it does not mean that it will make the right decision every time. When a spouse loses important assets, it can be very hard to feel as if you got a fair shake. This is why it is so important you speak with a seasoned attorney about saving your assets as soon as you can.
Is my house subject to equitable distribution?
There are two categories of assets: marital and separate. Marital assets include all assets you and your spouse acquired during your marriage. Therefore, separate property is mainly considered assets that were acquired outside of or before your marriage, such as an inheritance or a gift. Marital assets are up for equitable distribution, while separate property is generally considered exempt. Unfortunately, your home is considered marital property and is therefore subject to equitable distribution. When deciding who gets to keep your home, the court will consider many things, such as your ages, the duration of your marriage, your financial obligations, and more.
Contact our experienced New Jersey firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.