Will I Have to Leave My Home if I Get Divorced in New Jersey?
One of the most complex parts of the divorce process is deciding which spouse gets to keep which assets in the equitable distribution process. Unfortunately, one asset that is almost always at stake in a divorce is the marital home. If you are getting ready to go through the divorce process, you are most likely very worried about whether you will have to leave your home. Please continue reading and speak with our knowledgeable New Jersey divorce attorneys to learn more about equitable distribution and how courts decide which spouse can keep the marital home. Here are some of the questions you may have:
How does NJ law define marital and separate property?
The first part of the equitable distribution process is determining which property is marital property and which property is separate property. Essentially, separate property includes property acquired before or outside of marriage, and marital property includes property acquired during a marriage. Marital property is subject to equitable distribution while separate property, generally, is not.
Is a home considered marital property?
In most cases, yes, your house will be considered marital property. In fact, even if you purchased the home yourself before marriage, though your spouse can prove that he or she significantly contributed to the home, either financially (renovations, improvements, etc.) or otherwise (daily chores, raising children, etc.), there is a very good chance that your spouse will also have a claim to the marital home. That being said, New Jersey courts will consider a wide array of additional factors when determining who gets to keep what property, including the marital home, such as:
- Any debts or liabilities you or your spouse may have.
- The duration of your marriage, and the amount of time you’ve lived in the home together.
- Your age/health.
- You and your spouse’s earning capacity.
- Whether you forewent education/training to help your spouse pursue his or her career.
- The standard of living established in the marriage.
- Whether you have a marital agreement in place.
- You and your spouse’s yearly income.
- How much your home is worth.
The bottom line is that no matter your circumstances, if you are looking to keep your marital home and/or other important assets, the most important thing you can do is retain the services of an experienced Morristown divorce attorney. Our firm is ready to help you through every step of the legal process ahead. All you have to do is ask.
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.
