When spouses divorce, one of their top priorities is often keeping their home. This makes perfect sense, as not only is a house most likely their most valuable asset, but it is often a sentimental one as well. Unfortunately, when spouses divorce, their home is often subject to equitable distribution. Please continue reading and speak with our knowledgeable New Jersey divorce attorneys to learn more about who gets the house in a divorce in New Jersey. Here are some of the questions you may have:
What is the difference between marital and separate property?
When a couple gets divorced in New Jersey, the courts will first have to determine which property is marital property and which property is considered separate property. In most cases, separate property includes assets that were acquired either before or outside of marriage, while marital property, on the other hand, includes assets acquired during a marriage. In most cases, separate property is exempt from the equitable distribution process, while marital property is subjected to equitable distribution.
Will my house be considered marital property in a New Jersey divorce?
In most cases, houses are considered marital property. Even when one spouse purchases a home and the other moves in afterward, if that spouse can prove that he or she contributed significantly to the home, either monetarily or otherwise, that spouse may receive the marital home in the divorce. Examples of monetary contributions to a house include paying for renovations or other necessities. Examples of non-monetary contributions to a house include staying home to raise children, taking care of daily chores, and more.
What additional factors will a New Jersey court consider when dividing assets in a divorce?
New Jersey courts will consider several additional factors when determining who gets what in a divorce. For example, they will consider the value of your home, whether you have children and how your child custody agreement may affect your children if they have to move away from their home, and the standard of living established in the home. They will also consider you and your spouse’s age and health, your earning potential, your yearly salaries, any debts/liabilities you may have, and more. The bottom line is that oftentimes in divorce, your house is at stake, and if you are going through the divorce process, you must retain the services of an experienced New Jersey divorce attorney as soon as you can. Our firm is here to help.
Contact our experienced New Jersey firm
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.