One of the most challenging parts of getting a divorce is figuring out how to divide the assets you and your spouse worked so hard to acquire. And for most couples, the most challenging asset to divide is the family home. You and your spouse are free to work with your New Jersey divorce attorneys to come up with an agreement before going to court. But before you do, there are a few key things you need to keep in mind.
You Can Sell the Property
You and your spouse may decide to sell the property rather than keep it as part of the divorce settlement. But if you choose to go this route, be sure to consider the market. If homes in your area aren’t selling for what you paid for your property, you may want to buy out your spouse’s interest in the home or offer to sell your interest in the home if you don’t want to keep it.
If both of you choose to sell the property, the proceeds will be divided in a fair way as overseen by the court. However, you’re free to determine how you want to divide the proceeds with your spouse without the court’s oversight. Consider having these conversations with your New Jersey divorce attorney and let them help you figure out the best option for your situation.
You Can Continue Sharing the Home
If you and your spouse are divorcing on good terms and are comfortable with the idea, you may be able to continue sharing your family home while living in separate bedrooms. This can help reduce living expenses for both you and your spouse while you adjust to a single income. And if you have kids, you may give them a better sense of stability by letting them live in the house they know, stay in the same school they’ve been in, and not have to uproot their lives during an already stressful time.
Keep in mind that if you choose to go this route, it’s a good idea to work with your attorney to come up with clear expectations for each of you. You may need to establish something similar to a lease agreement to ensure that you’re both held accountable for your actions and fulfill your responsibilities while still living together.
You May Want to Consider Your Children’s Needs
Some couples choose to split their time in the family home to keep their kids from feeling unsettled. Others choose to let the spouse with primary custody take possession of the home. As you explore your options, consider your children’s needs in the short and long term. If you’re hoping to minimize upset and change, keeping the family home in the family may create a sense of stability.
You Can Let the Court Decide
If the idea of trying to work out an arrangement with your spouse sounds overwhelming or impossible, you can let the court decide how to handle your family home. They may decide to ask you to sell the property and split the proceeds, give the property to one spouse based on their income and needs, or reach another agreement.
If you choose to let the court handle the division of your marital assets, be sure to let your New Jersey divorce attorney know what you’d like the outcome to be. They can represent your interests to the court and may be able to sway the judge to make a determination that’s more in your favor.
Schedule a Consultation Today
Figuring out how to manage your family home during a divorce can be challenging, but it’s just one of the concerns you’ll need to address. Working with an experienced New Jersey divorce attorney can help you reach a fair settlement. Contact Carvajal Law today to schedule a free consultation.