Losing your house is much more significant than losing any other asset after your divorce. This is because your house is likely a place of sentimental value. So if you believe that you may not end up with your house in your settlement agreement, follow along to see how one of the proficient New Jersey equitable distribution attorneys at Haber Silver Russoniello & Dunn can fight for a better outcome on your behalf.
Can equitable distribution prevent me from losing my house after my divorce?
Of note, New Jersey is an equitable distribution state. What this means is that the court will divide your assets in a way that is fair and just. What this does not mean, however, is that this division will be an even 50-50 split.
With equitable distribution, only marital property will be up for division. Effectively, marital property is composed of the assets you and your spouse acquired during your marriage. So, in the case that you and your spouse bought your house together while you were married, you may not necessarily lose it.
There is also something that is known as separate property. Essentially, separate property is formed of the assets acquired either before or outside of your marriage. So, in the case that your spouse is the sole owner of the title, you may lose your house. Other ways in which your house would be considered separate property is if it was given as a gift, inherited, or excluded from the marital estate in your prenuptial agreement.
How do the courts determine whether I will be losing my house after my divorce?
Once your house is considered marital property and undergoes equitable distribution, the New Jersey court will consider different factors when finalizing their decision. These same factors are used for all other marital property that needs to divided accordingly. 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.
- You and your spouse’s earning capabilities.
- You and your spouse’s debts and liabilities.
- You and your spouse’s financial independence.
- You and your spouse’s age.
- You and your spouse’s overall health.
- You and your spouse’s child custody agreement.
- The age and health of your child.
- Whether your child has special needs.
With all this being said, if you believe that your rights to your home are at risk, you should not hesitate in reaching out to one of the talented attorneys at our Morris County divorce & separation law firm at your earliest convenience.
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If you require strong legal representation for matters related to divorce or family law, contact Haber Silver Russoniello & Dunn today to schedule a consultation.