A lot of times, couples want a completely fresh start once their divorce is finalized. This likely entails both spouses wanting to sell their family home and move to new places. The question here is whether it is possible to sell a house before a divorce is filed. Read on to discover the answer to this and to learn how one of the seasoned Somerset County property distribution attorneys at Siragusa Law Firm can help you navigate this situation.
Is it possible to get rid of my house before my divorce?
If you are your spouse can amicably agree to it, then yes, you may sell your house before you file for divorce. You and your spouse will, evidently, receive a profit from the sale.
You can then split this money evenly so that you can buy new properties of your own. The hope is that, if you share a child, these properties are in close proximity to one another and in the same school district as your former house.
What happens if I do not sell my house before my divorce?
Though, if you and your spouse have not remained amicable since your decision to separate, then you may have to bring this property distribution dispute to a New Jersey family court. Notably, the court will use equitable distribution law to assign the property in a way that is fair and just. Some of the factors that they may consider are as follows:
- The duration of your and your spouse’s marriage.
- The financial and non-financial contributions you and your spouse made to the house during your marriage.
- The tax consequences that are associated with the house.
- The debts and liabilities that you and your spouse possess.
- The child custody agreement that has been ordered.
We understand that your family home may have more sentimental value to you than any other asset. So if you wish to fight for its ownership, then you must reach out to a competent Somerset County divorce attorney.