Losing your home is far worse than losing a standard financial asset after your divorce. This is losing the place where perhaps your kids were raised, memories were made, and renovations were made to your liking. If you believe you may lose your home after your divorce, follow along to see how one of the proficient Somerset County property distribution attorneys at Siragusa Law Firm will do everything in their power to defend your rights.
Will equitable distribution prevent me from losing my home after my divorce?
New Jersey is an equitable distribution state. This means that when the court is determining property division during your divorce proceedings, they will do a distribution that is fair and just. Notably, the “fair and just” distribution of your assets, including your home, does not necessarily mean a 50-50 split.
That said, New Jersey distinguishes assets as either marital property or separate property. Essentially, marital property is composed of the assets you and your spouse acquired during your marriage. In the case that you and your spouse bought your house together while you were married, it will be subject to equitable distribution and you may not lose it.
On the flip side, separate property is comprised of the assets acquired either before or outside of your marriage. In the case that your spouse is the sole owner of the title, your house is not subject to equitable distribution and you may lose it. Other examples in which your house would be considered separate property are as follows:
- You or your spouse were given the house as a gift.
- You or your spouse inherited the house.
- You and your spouse excluded your house from the marital estate in your prenuptial agreement.
How else will the courts determine whether I lose my home after my divorce?
If and when your house is considered marital property that will undergo equitable distribution, the New Jersey court will consider various factors when finalizing their property division decisions. Such factors are as follows:
- The value of your property.
- The standard of living established in your marriage.
- The duration of your marriage.
- You and your spouse’s yearly income and earning capabilities.
- You and your spouse’s debts and liabilities.
- You and your spouse’s age.
- You and your spouse’s overall health.
- You and your spouse’s child custody agreement.
- You and your spouse’s financial independence.
It is worth mentioning these the aforementioned factors are also used for all other marital property that needs to be distributed accordingly. If you believe that your rights to your home are at risk, you should not hesitate in reaching out to a talented Somerset County divorce attorney today.
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