What Happens to Your House in a Divorce?By Moskowitz Law Group, LLC |
Property division can be one of the most complex parts of a divorce, especially when a couple has been married for a significant amount of time and has accumulated a large amount of assets. In New Jersey, all assets are divided fairly, but not necessarily equally. While some assets are simpler to divide, many couples have questions about what will happen to their marital home. Below, we have put together a simple breakdown of the process:
- If neither party wants to keep the house, the home is sold and the proceeds are split.
- If one or both parties want to keep the house, the next step is to determine if either party can afford to keep it. This means taking into account things like the mortgage, property taxes, etc. If the home does not fit into the interested party’s budget, the home must be sold and the proceeds split.
- If one party has the funds to buyout the other party, both parties must then come to an agreement on the home’s value. Once that is settled, the party keeping the house will have that asset added under their name for equitable distribution.
- If the parties do not agree on the value of the home, they will have to complete a comparative analysis, either individually or jointly. They may each have to have the home appraised to come up with a value.
- If the parties still cannot agree on the home’s value, the matter will have to be taken to court.
Questions About Property Division? Contact Us Today
Property division is rarely a simple matter because it takes into account a variety of factors, including the length of a marriage, the assets and debts that each spouse contributed to the marriage, the age and health of the spouses, tax consequences, and many other considerations. It is important for those seeking a divorce in New Jersey to team up with an experienced family law attorney who can help guide them through their case and ensure that their divorce is resolved fairly.
Moskowitz Law Group, LLC has more than 50 years combined experience assisting clients with all of their divorce and family law matters, including property division, child custody, spousal support, and more. To request a consultation with a member of our team, please fill out an online form or call us at (201) 419-6223.