When a couple goes through a divorce in New Jersey the property division portion can be one of the more contentious issues that a couple faces. The family home is often the largest asset has a couple has together and what to do with it in a divorce can be a difficult decision.
For many families, the family home is a safe and cozy refuge full of memories. In a divorce, it can be hard to decide what to do with the family home because of all the feelings attached to it and the financial implications as well. There are several options a New Jersey resident can have in a divorce.
Because New Jersey is an equitable distribution state, the courts will divide marital property equally, which often includes the family home. There are usually three ways to fairly split the family home in a divorce. First, the couple can sell the house and split any profits. This is the best option for a person who can’t afford to keep the house or keep up with the expenses. The second option is for one of the spouses to buy out the other’s equity. Usually the spouse who is buying the house will refinance the mortgage and at closing the other spouse will receive the equity that is agreed upon. The third option is that one spouse will continue living in the house with no sale or refinance. Typically this happens when there are children in the marriage and the parents want the children to stay in the house until they are a certain age, usually through high school.
A divorce can be one of the worst periods of a person’s life. This is a time of great turmoil, both financially and emotionally. A person who is going through a divorce may want to speak with a legal professional who is skilled in family law. An attorney can help their client explore understand their options and ensure their best interests are met.