Dividing property and assets with your spouse during a divorce can be tough when you’re just dealing with furniture, artwork, and other assets. But when you’re trying to figure out who gets the house, even the most civilized divorces can turn hostile. The more you know before you file for divorce with the help of a New Jersey divorce lawyer, the better off you’ll be. Let’s look at what impacts who keeps the house and what you can do to strengthen your case if you want to keep it.
Figure Out if Your Home Is Marital Property or Separate Property
New Jersey follows the equitable distribution rule. This means the court divides property between spouses in a way that’s fair and equitable. In rare cases, this may involve dividing property and assets in half, but in most, the division will be unequal. It all depends on each spouse’s income, their earning potential, living situation, and other similar factors.
But that division only applies to marital property. Marital property is anything you and your spouse acquired when you were married, regardless of whose name is on the title or who bought the item.
If your home was yours before you got married, you may have a case to keep it. But if you and your spouse bought the property together, even if it’s just your name on the title, it may be divided in a way that the court deems appropriate.
Separate Property Can Become Marital Property
There are some instances when separate property (property you bought before you got married) can become marital property. In the case of a home, this typically happens when you and your spouse share responsibility for maintenance, use joint funds to pay for upkeep or upgrades, and other similar situations.
If your home is determined to be marital property, the court will tell you and you’ll need to create a plan for how to handle the distribution of the home. Your New Jersey divorce attorney will be able to give you advice and help you decide how to proceed.
How Homes Can Be Divided
There are several ways that homes can be divided as part of the divorce settlement. Though the options you’ll want to consider will depend on your situation, these are common resolutions that many couples choose to work with:
- Sell the home: If you and your spouse decide to sell the home, you can divide the proceeds of the sale between the two of you. This option is a good choice if you’re not sure if you could maintain the home on your own.
- Buy out the co-owner: It’s possible to buy out your spouse’s share of the home. This lets you take full ownership as part of your divorce settlement. The process can be expensive, but it does ensure that you get to stay in your home as long as you want without worrying about what your spouse thinks or what they may otherwise want to do with the property.
- One spouse stays in the home: If you have kids and don’t want to disrupt their living situation or one of you wants to continue staying in the home, you can. Keep in mind that the person living in the home typically assumes responsibility for the mortgage, property taxes, upkeep, and other associated costs.
Ultimately, it’s up to you and your spouse to decide on the best way to manage your home. Your attorney can help you negotiate if you choose to do so and can make recommendations to the court based on your situation if needed.
Let Your New Jersey Divorce Attorney Help
If you’re worried about keeping your home or aren’t sure how you want your property divided, speak with the team at Carvajal Law as soon as possible. Our experienced attorneys understand the ins and outs of the New Jersey divorce process and will help you navigate the next steps with confidence. Contact us today to schedule a free consultation.