In a lot of marriages, the couple makes a decision to purchase a home, which is one of the biggest investments someone can make. That being said, if a couple that owns a home together no longer wants to be married and starts the process of divorce, they will have to address the matter of what will happen to the house. Determining what should happen to the house in a divorce is often one of the most contested issues that a couple will have to resolve. There are several different options when it comes to the future of the house.
The first option is for one of the spouses to buy out the other spouse so they can own the house entirely. This may require the spouse who is purchasing other’s portion to refinance the loan, which may mean that they will have to pay title costs, recording fees, and attorney’s fees.
Another option is for the couple to sell the house and then divide the proceeds in either equal shares or in another, unequal percentage. This is a beneficial option if neither spouse particularly wants to buy out the other or if neither spouse can take on that financial responsibility.
Couples can also make the decision to continue owning the house together, even if one spouse moves out.
If you have questions about divorce, contact our firm today.
If you require strong legal representation for matters related to divorce or family law, Haber Silver Simpson & Russoniello is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.