Divorce can be an emotionally and financially challenging experience, especially when it comes to dividing shared assets. One of the biggest questions on most people’s minds is: Who gets the house in a divorce? While the answer may seem straightforward, the process of determining who keeps the family home in New Jersey can be complex and is influenced by a number of factors. Please continue reading and reach out to our seasoned Edison divorce lawyers to learn more. Here are some of the questions you may have:
How does property division work in New Jersey?
In New Jersey, the division of marital property, including the family home, follows the principle of equitable distribution. It’s important to note that equitable does not necessarily mean equal. Instead, the court aims to divide property in a way that is fair and just based on the unique circumstances of each couple.
When it comes to the home, if both spouses jointly own the property or if it was purchased during the marriage, it is generally considered marital property. However, the court will look at a variety of factors when determining who keeps the house or if it should be sold, including the length of the marriage, each spouse’s financial situation, and contributions to the home (both financial and otherwise). The court also considers whether one spouse has primary custody of any children, as this could influence the decision.
What factors determine who keeps the house in a divorce?
There is no one-size-fits-all answer when it comes to deciding who gets to keep the house in a divorce. Several factors will be weighed by the court before a final decision is made. First and foremost, the financial standing of each spouse will be scrutinized. The court will examine whether either party can afford to maintain the home independently, covering the mortgage, taxes, and general upkeep. If one spouse is financially unable to take on these responsibilities, selling the house and splitting the proceeds may be the more viable option.
Another key factor is whether the couple has children. In many cases, courts prioritize stability for the children, which means that the parent who has primary custody is often awarded the home. This is particularly true if moving the children out of the house would disrupt their schooling or support systems. However, the court will also ensure that this arrangement is financially feasible for the custodial parent.
Contributions to the marriage, both financial and non-financial, also play a role. Even if one spouse didn’t directly contribute to mortgage payments, their role in raising children or maintaining the household may be seen as valuable in the court’s eyes.
What if neither spouse can afford to keep the house?
In situations where neither spouse can realistically afford to keep the house after the divorce, selling the property and splitting the proceeds is often the most practical solution. This allows both parties to walk away with a share of the home’s value, which can be used to secure new housing or pay off debts incurred during the marriage.
However, even selling the home can become complicated if both parties disagree on how the proceeds should be divided. In these cases, the court may step in and decide based on factors such as each spouse’s financial contributions to the home, any outstanding debts tied to the property, and what is deemed a fair outcome.
Additionally, there are instances where one spouse may choose to “buy out” the other’s share of the house. This means one party pays the other an agreed-upon amount in exchange for sole ownership of the property. A buyout can be a way to avoid selling the house, particularly if one spouse is emotionally attached to it or it provides stability for the children.
If you have further questions or are currently going through a divorce and need a seasoned legal team in your corner, simply contact Arndt, Sutak & Miceli, LLC today.
