Assuming you and your spouse have a home, the question clients always ask me as a New Jersey Divorce Attorney is, “What happens to the house during the divorce?” Essentially, one of three things can happen. The husband can buy out the interest of the wife, and she moves out. The wife may buy out the interest of the husband, and he moves. Or, the house can be sold. If both spouses want the house, the first thing they each must do is produce a preapproval letter and demonstrate that they have the wherewithal to buy out the other spouse’s interest.
Let’s say both spouses have the ability to do that. What does a judge do? Sell the property. It’s pretty straightforward. When you start this process, it’s really important to understand what your goals are, what you’re looking for, and who wants to stay in the marital residence. Are you going to stay in the marital residence or will your spouse stay there? Do you have children? Where are their schools? Are the children young? Where will they go to high school? These are things you want to think about as you decide what you are going to do with the house.
Don’t kid yourself. When it comes to the house, the options are limited. Can you be creative and agree to stay in the house until the youngest child finishes high school – and keep both names on the house? Sure you can. As long as you both agree, you can come up with anything you want. Look at what’s best for the children’s stability, or look at it from a purely financial perspective and try to maximize the financial return for each spouse. Either way, that’s working together at some level, and may offer the best option.
Are you and your spouse unable to decide what to do with your house? Contact dedicated New Jersey Divorce Attorney Christopher Leon Garibian for guidance on the division.
Christopher Leon Garibian, Esq. is a partner in the matrimonial and family law department of Weiner Law Group LLP. He has over 19 years of experience handling a multitude of Divorce and Family Law Matters throughout New Jersey. He is passionate about family law and takes pride in his ability to effectuate real change in the lives of his clients. He is certified by the State Supreme Court of New Jersey as a Matrimonial Attorney. If you are in need of an experienced Divorce Attorney or Family Law Attorney in NJ, contact us today for compassionate, long lasting legal solutions.