Divorce is complicated, as it affects nearly every facet of life for those involved. One of the most important issues in divorce is whether or not you will get to keep the home. Please continue reading and reach out to our experienced New Jersey family law attorney to learn more about how NJ courts will decide who will keep the marital home. Here are some of the questions you may have about the legal process ahead:
What Is Equitable Distribution in NJ?
Equitable distribution is the process by which New Jersey courts will determining which spouse gets certain assets in a divorce. Assets are seldom split 50/50, and the term “equitable” almost never means equal. The phrase equitable means something closer to what New Jersey courts view as a fair and just distribution of marital assets.
Is a Home Considered Marital Property in NJ?
The two types of assets in New Jersey divorce are marital assets and separate assets. Essentially, separate assets are assets that are acquired outside of a marriage, or before marriage. Frequently, gifts and inheritances are considered separate property in a divorce. That being said, marital property is a property that was acquired during a marriage, or property that perhaps was acquired before marriage, but was contributed to by both parties during the marriage, thus making it marital property. Generally, homes are considered marital property, and will, therefore, be subject to equitable distribution. Therefore, if you do not want to lose your home, you must hire an experienced New Jersey family law attorney who can work to ensure you prove that you are the rightful owner of the home.
How Will New Jersey Courts Decide Who Gets to Keep the Home in New Jersey Divorce?
New Jersey courts will consider a wide array of factors when determining who gets to keep the marital home, including, though not limited to:
You and your spouse’s yearly income
The value of your home
The amount you and your spouse contributed to purchasing and maintaining the home
You and your spouse’s age and health
You and your spouse’s earning potential
Whether you have a child custody agreement in place, and what the terms of that agreement are
Which spouse is financially dependent
Any other factor the court deems relevant
Contact Our Experienced New Jersey Firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.