Dividing property after divorce is one of the most stressful and contentious aspects of the process. Our experienced New Jersey divorce attorneys want to guide you through this and make sure you are able to reach a peaceful solution. Contact our office today to schedule a free consultation.
Dividing Property After Divorce | What Happens to the House?
One of the biggest questions that I have concerning divorce in New Jersey from potential clients is, “What happens to my home?” Clearly, that’s going to be of paramount importance to anybody, especially those people that have kids. You’re going to want to know where you can go after this is over. Generally speaking, in New Jersey, when you’re getting divorced, you have the ability to negotiate. Through negotiation, you can actually keep your house in some situations; if you can find the assets to trade off to the other spouse or if the other spouse wants to relinquish their title to the house in New Jersey.
In addition, if you have children that are going to high school, a lot of judges will maintain that house until the kids graduate high school. In other situations, the house could be sold at the end, especially if neither party could afford to maintain the house on their own.
Dividing Property After Divorce | What is Equitable Distribution
If you’re here and are considering divorce in New Jersey, you’ve probably come across the term equitable distribution. Equitable distribution, in its simplest terms, is dividing your property. It’s important to know that equitable does not mean equal. There are a lot of factors that the courts will consider in dividing your property. For instance, who acquired the property? Was it acquired before the marriage? Was it acquired right before your divorce papers were filed?
There are a multitude of instances where property acquired throughout the marriage was not divided 50/50 and was not divided equally. That is a case-by-case basis. It’s also important to know that equitable distribution will also divide your debts. Debts are part of your marriage and debts have to be apportioned before you can get divorced.
Are you or a loved one thinking about leaving a marriage and have questions about dividing property during divorce? Contact Bart W. Lombardo for a free confidential consultation and case evaluation. Let our experience work for you.