Divorcing spouses have a lot at stake. One of the most common concerns is who will get to keep the house when the divorce is final? Please continue reading and reach out to our experienced Bergen County property distribution lawyer to learn more. Here are some of the questions you may have regarding the legal process ahead:
Is a house considered marital property in a divorce?
When couples get divorced, courts will have to determine which property is considered marital property and which property is separate property. Typically, property acquired prior to a marriage is considered separate property, while property acquired during the course of a marriage is considered marital property. Marital property will be subject to equitable distribution, while separate property is not. If you and your spouse acquired your home while you were married, it will most likely be considered marital property. In some cases, a home acquired prior to a marriage may even be considered marital property as well, which is why it is best to hire a competent attorney from the start who can help you protect what is rightfully yours.
What factors do courts consider when determining who gets the house in a divorce?
Courts in New Jersey will consider a wide array of factors when deciding on which spouse can keep a marital home. Just some of those factors include how much both spouses contributed to the house, both monetarily and non-monetarily. For example, making regular mortgage payments is contributing to maintaining a home, however, performing daily chores such as doing dishes, cleaning, and raising children are also a part of maintaining a home, and courts will consider this as well. They will also consider the child custody agreement in place, if applicable, and how either parent keeping the home would impact a child.
Additionally, courts will consider each spouse’s yearly salary, whether there is an alimony agreement in place, the present value of the property, the standard of living established during the marriage, the duration of the marriage, either party’s debts or liabilities, and more. If you are looking to keep your house and you’re getting divorced, our firm is here to help. Don’t hesitate to turn to an experienced Bergen County divorce lawyer who can guide you through the process and fight for what’s yours.
Contact our experienced New Jersey firm
We understand how confusing certain legal issues can be, which is why we are dedicated to providing individuals with the compassionate and knowledgeable legal representation they deserve. Aronsohn, Weiner, Salerno & Kaufman has helped clients with various difficult legal challenges for over 40 years. We know we have the experience needed to do the same for you. For experienced legal counsel regarding family law, litigation, business law, real estate, and criminal law, you know where to turn–contact Aronsohn, Weiner, Salerno & Kaufman today to schedule a consultation.