Who Will Get the House in a New Jersey Divorce?
Divorce is complicated in many ways–emotionally, legally, and, of course, financially. If you are getting a divorce, you are most likely wondering what will happen to your assets, including your home. Please continue reading and speak with our experienced Chatham divorce attorneys today to learn more about the equitable distribution process in the state of New Jersey. Here are some of the questions you may have:
What is the difference between marital and separate property?
When a couple gets divorced, New Jersey courts will first have to determine which property is considered marital property, and which is separate property. Essentially, separate property is property acquired before or outside of a marriage, such as inheritances and gifts, while, on the other hand, marital property is property acquired by either spouse during a marriage, such as a home. All marital property is subject to equitable distribution, wherein the court will decide, based on a wide variety of factors, which spouse is entitled to which assets.
How do New Jersey courts determine who gets what assets in a divorce?
As stated above, New Jersey courts will consider various factors when determining who gets which assets, including the following:
- You and your spouse’s income.
- The extent to which each spouse contributed to the marriage and to the home. For example, if you stayed at home and raised children and took care of the house while your spouse worked, courts will consider this when dividing property.
- The current value of your home property.
- Whether you or your spouse currently have any debts or liabilities.
- Whether you gave up your education and got a job to help your spouse pursue an education or a career goal.
- The standard of living that was established during your marriage.
- Whether you have a prenuptial agreement, a postnuptial agreement, or another agreement regarding property distribution in place.
- How long you and your spouse have been married.
- You and your spouse’s age and health.
- Whether you or your spouse have the ability to earn more than you are currently earning.
Of course, these are just some of the most common factors that courts will consider when dividing property, which is why you must hire a knowledgeable New Jersey divorce attorney who can work to ensure that you receive all you are entitled to. Give our firm a call today to learn more about how we can help you through the process ahead.
Contact our experienced New Jersey firm
If you are considering a divorce and need an attorney who can effectively represent you through every step you can count on Lazor Rantas, PC. We proudly serve clients throughout New Jersey as they navigate divorce and family law matters. To discuss your case with an experienced legal team, contact Lazor Rantas, PC today.