When a couple decides to dissolve their marriage, one of the most important parts of the process is the division of property. For many couples, the marital home is the largest asset to divide. Please continue reading to learn what happens to the family home during a divorce in New Jersey and why connecting with our determined Edison Property Division Lawyers is in your best interest.
Is New Jersey an Equitable Distribution State?
New Jersey is an equitable distribution state, which means in the event of a divorce, the courts will distribute marital property in a manner that is fair, but not necessarily equal. In other words, the court has no obligation to split your marital property 50/50, it all comes down to what the court believes is just based on each spouse’s contributions to the marriage. The court will examine several factors to determine a distribution that is fair based on the unique circumstances of the case. Some of the factors a New Jersey court can take into account are:
- The duration of the marriage
- The age and health of each spouse
- The income and earning capacity of each spouse
- The standard of living during the marriage
- The debts and liabilities of each spouse
- The tax consequences each spouse may face because of the division
- Child custody and economic needs of the children
- Any other factors deemed relevant by the court
Who Gets to Keep the Family Home in a NJ Divorce?
When determining who gets certain property, including your house, the court will need to identify whether assets are separate or marital. Marital property refers to assets acquired by both spouses during the marriage. On the other hand, separate property refers to assets owned by an individual spouse before the marriage or acquired through inheritance or gifts. It’s important to note that when separate property becomes commingled, it’s treated as marital property and subject to division between spouses. A commingled asset is a property that was owned by one person but has become intertwined with marital assets. A family home can become a commingled asset.
If you and your spouse bought the house together while you were married, it will be subject to equitable distribution. If your spouse is the sole owner of the home, they will likely get to keep the house. This is because it’s considered separate property. However, you may still be entitled to a portion of its value if you contributed financially to the home during the marriage. This is the case even if your name isn’t on the deed. After you have classified your home as marital or separate property, you have a few options as to how to distribute it, including:
- Selling the house (split the profit from the home sale)
- Arranging a buyout (one spouse buys the other party’s share of the home’s equity to gain full ownership of the property)
- Owning the property jointly (co-own the home)
Dividing the family home can be complicated, especially if you have minor children. In many cases, custodial parents wish to remain in the home to avoid uprooting the children. If a couple cannot agree on property division, a judge will decide who gets the house. The court will consider the aforementioned factors for determining equitable distribution.
At Arndt, Sutak & Miceli, LLC, we are prepared to help you fight to maintain ownership of your home. Whether you need assistance negotiating with your spouse or presenting your case to a judge, you can trust us to handle your divorce. Connect with our firm today to schedule a consultation.
