When getting a divorce, many couples wonder what will happen to their family home. Who will get to keep it? What are the options? Every couple is different so every solution will be different. Read on to learn more about who keeps the house in the event of an NJ divorce.
Equitable Division
Equitable division is how assets are divided by the court when it comes to a divorce. While things may not always be split evenly, they will be split fairly. For the most part, marital property is subject to equitable division, and separate property is not.
- Marital property: property obtained during the marriage
- Separate property: property obtained 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 considered marital property, you will have a few different options when it comes to deciding who gets the house and what happens to it.
What are the Options?
- Buy out
- Sometimes, one spouse chooses 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, contact a divorce attorney.
- Co-own
- This option is popular when children are involved. Some couples choose to continue co-owning their home in order to keep the kids in the home, near the school, etc. In this case, one spouse moves out and the other remains in the home. But how do you decide which spouse stays and which spouse moves? Again, contact a divorce attorney for help regarding keeping your home in the event of a divorce.
- Sell
- Some couples simply choose to sell their home and split the assets.
How do we Decide?
Some couples can decide amongst themselves through the process of mediation. Other couples will need the court to decide for them. The house is typically a couple’s largest asset, so it is not always easy or possible to decide through mediation.
What Does the Court Consider?
If the decision is in the hands of the court, they will consider the following factors:
- The duration 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 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.
