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The family home in a divorce: keep it or sell it?

Many divorces in New Jersey and elsewhere (especially those entailing comparatively high asset levels) feature a diverse and broad-based property list.

What that means for a thorough and focused divorce attorney is that fully identifying and tallying up those assets can be an exacting and methodical exercise.

As one recent media article on that subject matter notes, divorce property division can include “real estate, investment accounts, 401(k) accounts, any retirement accounts you have, and other assets such as cash, artwork, cars, etc.”

A high-net-worth divorce will typically be marked by a couple’s special focus on the family home (and, often, on other realty holdings, as well).

That can get sticky because, as the above-cited media piece notes, it is frequently the case that “one spouse values the home much higher than the other.”

That means that one individual wants to sell the property and turn it to cash, with the other wanting to retain it. Some people simply harbor a strong emotional attachment to a home. In other instances (such as when the home fosters a nurturing environment for growing children), a custodial parent’s desire to keep things as they are on the home front makes strong logical sense.

Given that a home is such a high-value asset in most marriages, its ultimate disposition in a divorce settlement is often a preeminent concern. The author of the aforementioned article duly notes that a divorcing party who allows emotions rather than logic to prevail in a sell-or-keep decision “might become blinded by other factors that could negatively affect life now and in the future.”

Preventing that from happening is a key task of proven divorce attorneys — especially those select few with integrated professional backgrounds in high-asset property division and real estate representation.

Any New Jersey resident with questions or concerns regarding divorce and the family home can reach out to experienced legal counsel for guidance and diligent representation.