You understand that your divorce is going to change many different aspects of your life, from your long-term savings to where you will live. As you will no longer want to remain in the same home as your partner during and after the divorce, one or both of you will need to vacate the family home. What happens to the home is often one of the most contentious and complicated aspects of a divorce, and it will be important to know how to protect your property rights during your divorce.
Whether you want to stay in the home or sell the property, you will benefit from understanding New Jersey property division laws and how they could impact you. The family home is something to which most members of the family have a strong emotional attachment, and it can be difficult to decide what should happen to it in a divorce. Regardless of how you feel about the home, it may help to remember that temporary emotions should not dictate important decisions in your divorce.
Options for dealing with the home
Divorce requires the division of all marital property, which is any property jointly owned by both spouses or assets accumulated over the course of the marriage. Your family home may be one of the most valuable and important marital assets, and you may benefit from understanding the different options you have. These include:
- One spouse may retain ownership of the home while the other retains valuable assets of an equitable value.
- One spouse may decide to buy out the other spouse, allowing him or her to remain in the home.
- The two spouses may decide to co-own the home, an option that could allow the kids to remain in their home.
- The two spouses sell the home and split the profits between them.
If you decide to sell the home, there are important considerations regarding when you sell the home, whether it is before, during or after the divorce is final. You will also find it beneficial to consider the potential tax consequences of any major property division decisions you are making.
A strong post-divorce future
As you consider your future after your divorce, you will want to honestly and carefully determine whether fighting for or staying in the family home is the best decision for your unique situation. You will find it beneficial to seek an understanding of your property rights and what steps will help you seek and secure a strong post-divorce future.