Divorce is a complicated legal process, and the fact that it does not come without emotional baggage makes it even more difficult to navigate at times. Unfortunately, divorce is far more involved than signing a couple of papers and being done. For example, if you and your spouse do not agree on the terms of your divorce, your divorce will fall into the litigation process, which is very often costly and emotionally draining.
On top of the legal fees associated with litigation, your assets may also be at risk, including, but of course not limited to, your home. However, usually, both spouses consider their home to be their most important asset, and both refuse to give it up without a fight. If you believe you are entitled to your home and fear you may lose it in a divorce, please read on to learn more about the legal process going forward:
Will my assets be up for equitable distribution?
The term ‘’equitable distribution” essentially means a fair, albeit sometimes uneven distribution of you and your spouse’s assets. Rather unsurprisingly, it is not uncommon for one or both spouses to feel as though they did not get a fair shake, especially if one of them lost their home. This is why you must hire an attorney you are confident will put up a fight.
Is a house considered marital property or separate property?
Marital property consists of any assets acquired during a marriage, while separate property concerns assets secured outside of or before your marriage. Houses are considered marital property and are therefore up for equitable distribution.
How will courts decide who gets to keep the house?
Courts will consider several factors when distributing your assets. Their overall goal is to achieve the fairest result possible, so they will do whatever they can do obtain the clearest overall picture of how your marriage functions financially. To do so, they will consider you and your spouse’s age, the duration of your marriage, your yearly incomes, the value of your property, any debts or liabilities you may have, any child custody, child support, or alimony agreements in place, and more. If you are getting a divorce, reach out to one of our compassionate attorneys today.
Contact our experienced New Jersey firm
Before taking legal action, it is important to discuss your legal matter with an experienced attorney. Divorce means a significant change in your life, which is why you need an experienced and compassionate attorney who can help make the transition go as smoothly and seamlessly as possible. If you need a knowledgeable attorney, please do not hesitate to contact The Radol Law Firm to discuss any divorce and family law matters you may be facing.