You do not have to sell your house before you enter into your divorce proceedings. Though, this is definitely an option at your disposal. Follow along to find out whether you should put your house up for sale and how one of the proficient Sparta property distribution attorneys at Paris P. Eliades, Esq. can help you in making this decision.
Under what circumstances would I need to sell my house before my divorce?
Notably, the state of New Jersey follows equitable distribution law. Meaning, the New Jersey family court will divide up all your marital assets in a way that they believe to be fair and just. And if your house was bought by both you and your former spouse after you got married, then the court will include it in the equitable distribution process. When making their decision, the court will look at factors such as how much financial and non-financial commitment you and your former spouse had toward the house during your marriage, the child custody agreement in place, and many other circumstances.
With this, you and your former spouse will not have any control over the fate of your house. This usually leads to at least one party not being happy with the decision that was made. Therefore, under a circumstance like this, you and your former spouse may want to consider selling your house before you even file for divorce. This is so you can divide up the profits earned from the sale equally and there will be no remaining hard feelings. What’s more, this will allow you and your former spouse to get a truly fresh start once your divorce is finalized.
How else can I distribute my house before my divorce?
If you and your former spouse are both unwilling to let go of your home, then you may want to consider co-owning it after your divorce. This option is rather common for couples who share children, as they find it best to keep their kids in the same family home, in the same school district, and overall in the same routine. Usually, one spouse will move out while the other remains in the home, and this tends to be contingent on the child custody decision in place.
Or, if you or your former spouse is unable to afford their share of the house after a costly divorce, or with alimony payments and child support payments now in play, then you may want to consider a buyout. With this, one of you will become the sole owner of the home. Though, this is usually still not financially feasible.
If you are still unsure about how to handle your house in your divorce, then you should consult with a talented Sussex County divorce and separation attorney. Our legal team has handled cases just like yours, and we will recommend a plan that is in both your and your former spouse’s best interest. Give our firm a call as soon as you can.
