Many couples going through the divorce process will often wonder about how their house will be split. If you are in this situation, our legal team can help. Continue reading and give our skilled Sparta divorce attorneys a call today to discuss the specifics of your case and your options. Here are some questions you may have:
What is equitable division?
Equitable division refers to how assets are split by the court when it comes to a divorce. While things may not always be split down the middle, they will be split fairly. In most cases, marital property is subject to equitable division, and separate property is not.
- Marital property: property acquired during the marriage
- Separate property: property acquired before the marriage, property that has been gifted or inherited, property that has been purchased during the marriage but kept separate
If your house is deemed marital property, you will have several different options when it comes to deciding who gets the house and what occurs to it.
What are these options?
- Buy out
In some cases, one spouse decides to purchase the assets of the other, becoming the sole owner of the home. This is not always financially reasonable, but if you are interested in pursuing this route, reach out to a skilled divorce attorney.
This option is favored when children are involved. Some couples decide to continue co-owning their home in order to keep the kids in the home, near the school, etc. In this circumstance, one spouse moves out and the other stays in the home. But how do you determine which spouse stays and which spouse moves? Similarly, you will want to contact a divorce attorney for help concerning how to keep your home in the event of a divorce.
With certain divorces, couples merely choose to sell their home and split the assets.
What decision should we choose?
Some couples can choose amongst themselves while moving through the process of mediation. Other couples will require the court to intervene and determine the outcome for them. The house is usually a couple’s largest asset, so it is not always easy or feasible to determine through mediation.
What does the court consider?
If the decision is in the hands of the court, they will consider the following factors:
- The length of the marriage
- The value of the property
- The acquisition of the assets
- Age and health of each party
- Contribution to the marital property
- Economic circumstances
- The debts and liabilities of the parties
- Possible tax consequences
Contact Our New Jersey Firm
If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact Paris P. Eliades Law Firm, LLC for a consultation today.