Going through a divorce is complicated. As a divorcing spouse, you have a lot to consider, and, most likely, a lot at stake. Unfortunately, divorces aren’t always amicable, and spouses can’t always agree on the terms surrounding their divorce, including those involving child custody, child support, spousal support, and property distribution. In fact, one of the most often contested divorce-related terms is property distribution, namely, who will get to keep the house. If you are currently going through a divorce and you are looking to keep your house, please continue reading and reach out to an experienced Bergen County equitable distribution attorney from McNerney & McAuliffe to learn more about who gets to keep the house in a divorce and how our legal team can assist you.
Who will get to keep the house in a divorce in New Jersey?
The first thing you’ll need to understand is that when it comes to divorce, there are two types of property in the eyes of the courts: marital property and separate property. Separate property includes assets that are not related to the marriage, such as assets acquired either prior to marriage or outside of a marriage, such as gifts or inheritances. Separate property is typically not subject to equitable distribution. Marital property, on the other hand, involves all property acquired during the course of a marriage, and it is subject to equitable distribution. Examples of marital property can include vehicles, assets in jointly-held bank accounts, and, yes, the marital home. Keep in mind that “equitable” does not mean “equal.” Instead, it means that courts will distribute property in a manner they see as fair and just.
That said, courts will consider various factors when determining which spouse gets to remain in the marital home after the divorce is finalized. Just some of those factors are as follows:
- Each spouse’s income
- The extent to which each spouse contributed to the home (financially and non-financially)
- The custody agreement in place, and how a move out of the house would potentially impact the child
- The cost of maintaining the home
- The spousal support agreement in place
- The value of the home
- Any other factor the court deems relevant
If you have any further questions about how equitable distribution works here in New Jersey, or you need a Bergen County divorce attorney who can help you fight for the best possible outcome on your behalf, speak with McNerney & McAuliffe today.
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