When couples divorce, many important questions arise. Where the parties will live after the divorce is finalized is one of the main issues. But then the question of who is entitled to keep the home inevitably arises.
How the property is divided can depend on the law in the state and also the behavior of the parties. New Jersey divorce law provides for equitable distribution of marital assets. This means the court will order the couple’s assets and debts be divided fairly, though this does not always mean the assets will divided equally.
When deciding which spouse will stay in the home, the courts will consider whether there are children involved and which parent will retain primary custody of the children. The court may also look at whether the home was bought by one of the parties prior to the marriage or if it was purchased together. Other issues to take into account are the value of the home and which party is more likely to be able to afford to stay in the home going forward.
In some instances, one spouse will buy-out the other. Alternatively, one party will live in the home for a specified amount of time and then sell the property and divide the profits. If the parties cannot decide, a judge could decide that the house be placed on the market immediately. On the other hand, if the parties agree on which person should remain with the home, the other party could be awarded other possessions of value or alimony to offset any inequities. Other issues that typically arise are removing one party’s name from the mortgage if they will not be contributing to monthly payments.
If a judge decides your case, he or she will most times award the home to the party who will be the primary caretaker of minor children. The purpose is usually to provide stability for the children and to keep them in the same schools while parents are divorcing. Some parents have chosen to keep the children in the home and instead of the children going from home to home, the parents will rotate in and out of the home on a weekly basis. This set up requires much coordination on the parents’ part, but it can be arranged and will likely only be successful if there was a stable home for the children prior to the divorce. This is an unusual solution, but when parties work together, many different solutions can be possible and it is not always necessary to sell a martial home immediately as the divorce is occurring.
Cherry Hill Divorce Lawyers at the Law Offices of Richard C. Klein, LLC Advise Clients on Dividing the Marital Home
If you are considering divorce and the idea of splitting up your major assets is a major concern, the Law Offices of Richard C. Klein can advise you on potential solutions. We serve clients throughout South Jersey, including those in Cherry Hill, Moorestown, Mount Laurel and Marlton. Contact us online or call 856-544-9155 to arrange a consultation today to explore your options.