During the process of getting divorced in New Jersey, two spouses may find it difficult to find common ground in a number of areas. These issues might range from child custody to alimony, for example. However, how to handle the marital home remains one of the most potentially contentious aspects of any divorce proceeding.
The best decision regarding how to handle the marital home ultimately depends on multiple factors. For instance, how is the property titled and financed? In addition, does one party wish to remain in the house? Furthermore, how much equity is in the house, and what are the two parties’ credit ratings?
If both parties wish to stay in the house, it would behoove them to work together to find a solution with which both are okay. For instance, one person might end up staying in the house and then buy out the other party’s interest in the property. Of course, in this situation, it is critical that the person who keeps the house can actually afford to hold onto it long term. Alternatively, they may both decide to sell the house and split the profits to be fair.
Deciding how to split assets, like real estate, can no doubt be challenging emotionally, financially and legally. However, a divorce attorney in New Jersey can provide a divorcing individual with the guidance needed to make the most personally favorable decision possible in this area. The attorney will ultimately make sure that his or her client’s rights and best interests are protected each step of the way.