New Jersey Divorce Lawyer Explains What Happens to the House
As an experienced New Jersey Divorce Lawyer, I am often asked what will happen to the marital house after a divorce.
- If you and your spouse own a home, one of three things can happen. The husband can buy out the wife’s interest, and she can move out; the wife may buy out the interest of the husband, and he can move; or, the house can be sold. If both spouses want the house, they each must produce a an approved letter and demonstrate that they have the wherewithal to buy out the other spouse’s interest.
- If both spouses can do that, a judge will sell the property. If you do start this process, it’s important to understand what each of you is looking for, and who wants to stay in the marital residence. If you have children, where are their schools? Where will they go to high school? Think about these things in deciding what to do with the house.
- You may be able to be creative and agree to stay in the house until the youngest child finishes high school – keeping both names on the house until then. If you both agree, you can do anything you want.
- Consider what’s best for your children’s stability, or look at it from a purely financial perspective and try to maximize the financial return for each spouse. Either way, by working together, you can arrive at the best option.
Are you or your spouse unwilling to give up the house in divorce? Contact experienced New Jersey Divorce Lawyer Christopher Leon Garibian for navigation.