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How is a Mortgage Assumption Handled in a New Jersey Divorce?

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Every divorce is unique. There is not a one-size-fits-all solution that will work for every situation. There are many moving parts to keep track of during divorce proceedings. A significant aspect of divorce will be what will happen to the house and mortgage, if there is one.

When two lives are tightly intertwined for an extended period, navigating the separation process can be complex. The first step to dividing property is determining what assets are marital versus separate property. If the house is in the name of both spouses or was acquired/built during the marriage, it is probably considered marital property and will have to be distributed. The only way a family home would be considered separate is if one spouse purchased the house before marriage or was given as a gift to only one spouse.

If you seek representation during a divorce, contact an experienced Mountainside property distribution attorney.

What is Equitable Distribution?

New Jersey is an equitable distribution state, meaning that a court will rule to distribute marital property fairly but not necessarily equally. There are a couple of factors that a court will take into account when determining how to distribute assets, such as:

  • How long the marriage lasted
  • Each spouse’s age and health
  • Assets each spouse had before the marriage
  • Lifestyle during the marriage
  • Income and earning ability of each spouse
  • Child custody

A 50/50 split is not always fair if there is a large disparity between the wealth or earning capacity of each spouse. If one spouse delayed their education, gave up their job to raise children, or turned down a job opportunity for their spouse it could affect their ability to provide for themselves now that they are getting divorced.

What Are My Options?

There are three main ways a couple may choose to divide the home.

  1. Sell the house. You may choose to sell the house and divide the proceeds from the sale either evenly or equitably.
  2. Buyout. One spouse can maintain ownership of the house and mortgage responsibility by buying out the other. The mortgage may have to be refinanced, but the logistics and costs can be included in the divorce agreement.
  3. Do nothing. You may decide to maintain joint ownership of the home. One spouse may move out or both may alternate staying in the home. This option is used typically if there are children involved and the couple wants them to stay in the same home and school district. Logistically it can be difficult to pull off, especially depending on the relationship you have with your ex-spouse.

How Can a Lawyer Help Me With My Mortgage During a Divorce?

Division of property can get complicated, especially when a home is involved. Hiring a lawyer can help ease some worries. An experienced attorney will understand your rights and the short and long-term implications of the division of property. They can fight for your desires and represent your side in court to ensure the best outcome.

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Mediation Services

Our firm believes that exploring alternatives to litigation can greatly benefit our client. Our firm’s established mediation practice can help you resolve family law issues more efficiently, amicably and at a lower cost. If you are interested in knowing more about our mediation services, contact the firm to discuss your situation.

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –

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