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Selling Your Home in a New Jersey Divorce

By Lois G. Schwartz | October 30, 2018

Selling Your Home in a New Jersey Divorce

Selling Your Home in a New Jersey Divorce

To put it frankly, divorce is not easy. It is not easy on you, it is not easy on your soon-to-be ex-spouse, and it is certainly not easy on any children you might have. But just because divorce is not easy does not mean that it has to be full of arguments and nasty comments. Arguments and children aside, the hardest part of divorce may be the division of property between you and your spouse and the impact this could have on each of you. One of the biggest questions those in a divorce often have is, “Who gets the house?”

New Jersey Is An Equitable Distribution State

Because New Jersey is an equitable distribution state, divorce courts will split any marital property equitably. Marital property is basically any property acquired by either you or your spouse during your marriage, except for property by gift or inheritance. A home can be considered marital property if it was acquired during the marriage. It can also be marital property if one spouse owned the house prior to the marriage and put the other spouse’s name on the title upon marriage. Selling your home is one of three ways to deal with your property in a divorce:

Sell it – The easiest of the options. You and your spouse can sell the house and divide the proceeds equally or in unequal shares to compensate one spouse for giving up another asset.
Buy it out – If you have the money, you can buy out your spouse’s equity in the house. You may have to arrange to refinance the loan, and at closing your spouse will receive the agreed-upon share of the equity. Keep in mind that this option will include title costs, new survey costs, recording fees, and attorney’s fees.
Co-own it – One last option is to continue to own the house together without selling or refinancing it. Typically, you or your spouse would move out for a period of time (possibly years) before selling the house, with an agreement the house is to be listed for sale at a specified time. This option is popular for couples with high-school-aged children looking to stay in their current school and home.

When it comes to selling your home in divorce, options do exist. It is best to consult an experienced New Jersey divorce attorney for advice on the matter.

Consultation with an Experienced South Jersey Divorce Attorney Who Will Stand by You

With more than three decades of family law experience in Cherry Hill, Camden, Gloucester Township, Haddonfield, Voorhees, and elsewhere in South Jersey, Lois Garber Schwartz, Esq. can provide answers to any of your divorce-related inquiries. She handles the full gamut of divorce cases, from contested divorce and uncontested divorce to property division and alimony. You can take comfort knowing that the difficult process of divorce will be handled professionally and with care, while keeping you and your family’s best interests at heart. Contact Lois Garber Schwartz, Esq. today by filling out the online contact form or calling (856) 375-8989.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.


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Lois Garber Schwartz

1040 Kings Highway N., Suite 202

Cherry Hill, NJ 08034

 

Phone: 856-375-8989

Fax: 856-482-0343

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