When a couple makes the decision to get a divorce and they own a house together, they will have to address the matter of what will happen to it in the divorce. There are a number of different possibilities when it comes to determining the future of a house in divorce because each couple’s situation is different.
There are some situations in which the couple may come to an agreement on their own about what will happen to the house. One spouse may choose to buy the other out of owning the home. In other cases, the couple will decide that it is best to sell the house and divide the profits amongst themselves. Another option that couples may decide on is to give the house to the parent that has custody of the children in an effort to maintain some type of routine and make the divorce easier on the children.
However, there are also situations where neither party wants to give up the house and the couple needs the court to make this decision on their behalf. A house is marital property regardless of whose name is on the title and therefore, will be included in the equitable distribution process. The court will consider many factors and decide accordingly.
If you have questions about equitable distribution, contact our firm today.
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a free consultation.