Many people take a lot of pride in homeownership, as a home is where many families build memories together. Unfortunately, sometimes a couple that owns a home together decides their marriage isn’t working anymore and starts the process of getting divorced. One of the major concerns that people have when it comes to the issue of homeownership and divorce is which spouse will get the home in the divorce.
Everyone’s individual situation is different so there is no clear-cut answer that can be given as a blanket statement. However, a home is considered marital property and in many divorces, will be addressed in the process of equitable distribution. Equitable distribution is the process by which New Jersey divides assets and liabilities that the couple obtained during the course of their marriage, including a house. The couple has several different options when it comes to dealing with the house in a divorce.
First, the couple can make the decision to sell the house and divide the profits equitably. Of course, it may be emotionally difficult to sell a house in this situation so while this option is good for some, others may choose a different option. Another option is for one spouse to buy out the other spouse, allowing them to keep the house while the other spouse will still benefit.
If you have questions about divorce, contact our firm today.
Paris P. Eliades Law Firm, LLC is a divorce and family law firm serving clients in Sussex, Morris, and Passaic County and throughout New Jersey with compassionate, quality legal services. Contact our office today for a free initial consultation.
