When spouses get divorced, one of their primary concerns is often who will get to keep their house. If you are getting a divorce and you wish to keep your marital home, please continue reading and speak with our knowledgeable Red Bank divorce attorney to learn more about the equitable distribution process, what it means for your house, and how our firm can help you. Here are some of the questions you may have:
What is the difference between marital and separate property?
When a couple gets divorced and cannot agree on the terms of their divorce, their assets will very often enter the equitable distribution process. Essentially, during this process, the court will first have to determine which assets are considered marital property and which assets are considered separate property. In most cases, separate property includes all assets that were acquired before or outside of marriage, and generally, separate property is excluded from the equitable distribution process. That being said, on the other hand, marital property includes all assets that were acquired during a marriage, and these assets are subject to equitable distribution.
Is a house considered marital property?
In most cases, the house that both spouses live in will be considered marital property. Even if one spouse exclusively purchased the home, if the other spouse can prove that he or she contributed to the home in some way, he or she may have a hand in the property. For example, if you can prove that you contributed financially to renovations or other means to improve the home, you may be entitled to the home. Additionally, if you can prove that you contributed to the home by performing daily chores, raising children, and more, you may also be entitled to the home.
What additional factors do courts consider when dividing property in a divorce?
Courts will consider several additional factors when determining who will get to keep the home. Some of these factors are as follows:
- The value of your home.
- You and your spouse’s age and health.
- You and your spouse’s earning potential.
- The standard of living established in the marriage.
- Your child custody agreement, and how the move would affect your children.
- Whether you have an alimony/child support agreement in place.
- Any other factor the court deems relevant.
Contact our experienced Red Bank firm
Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, please do not hesitate to contact The Law Offices of George J. Mardinly to schedule a consultation.