For many couples, the marital home is one the largest assets in a divorce. And it is often one of the most emotional assets as well. It symbolizes so much. Having to move out of the home that you lived in can be devastating.
New Jersey is an equitable distribution state, which means that marital assets are divided in a way that is fair, but not necessarily completely equally. A home is considered marital property if it was bought during the marriage. A home may also be considered marital property if it was owned by one spouse prior to marriage and the other spouse’s name was added to the deed after marriage.
Often who gets the house has to do with who can afford the house. One spouse may be able to refinance the mortgage into his or her sole name. If you can’t afford the mortgage, you may be able to have the house in your name if your spouse pays you spousal support (alimony) or you receive enough other property as part of the equitable distribution to allow you to be able to pay the mortgage.
It is possible to continue to co-own the home until its value increases in the future at which time it can be sold. Some people agree to co-own the home until the children are grown and have moved out of the home.
If you and your ex are not in agreement about who should continue to live in the home, the court will consider who has custody of the children, who is currently living in the home, as well as the financial resources of each spouse and how the rest of the marital property is being split.
At DeTorres & DeGeorge your future is our focus. We are available to help you with all aspects of your divorce in Oldwick, New Jersey and the surrounding areas. Call us to schedule a consultation at 908-284-6005.