When a couple chooses to get a divorce, there is a lot to figure out– alimony, child custody, child support, and so on. One of the biggest decisions a couple will have to make is: what happens to the house? A home may be a couple’s largest asset, and it may also be the most sentimental one. For these reasons, it can be extremely difficult to decide what should happen to the house. There is no one answer. Every family and every situation is different. Read on to learn more about the way different couples may choose to handle the division of assets when it comes to a family home.
Sell the House
Your options depend upon whether your home is marital property or separate property. Marital property refers to property that has been purchased during the marriage, and separate property is property that has been purchased before the marriage or purchased during the marriage but kept separate. It is important to note that separate property can become marital property. If you have any questions regarding what type of property your home is, contact us today.
If your house is marital property, it will be considered for equitable division during the divorce. Many couples choose to sell the home and split the profits.
Buy-Out Your Spouse
This is not a financially viable option for everyone. But, some may choose to buy their spouse’s share of the assets and become the sole owner of the house.
Continue to Co-Own the Home
This option is popular amongst couples with young children. A couple may choose to co-own the house to avoid moving the kids out of the home. In this case, one spouse will reside in the house and the other will move out. When the children are of age, the divorced couple may decide to sell the house and split the profits then.
How do I Decide?
Some couples are able to determine who will keep the house during mediation. Mediation involves a neutral third party helping a couple work through the issues of the divorce and determine what is best for both parties. If you and your spouse cannot come to a conclusion in mediation, the decision will be made by the court. The court will take many factors into account in order to make a fair and equitable decision. Some of these factors include the length of the marriage, the contribution of each couple, and the custody arrangements if any.
If you have any questions regarding your family home in the event of a divorce, contact our firm today.
Contact our Firm
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 consultation.