Dividing property during divorce often presents a complex, emotionally charged process, especially when the family home is involved. In New Jersey, property division follows the principle of equitable distribution, meaning the court divides marital property fairly, though not necessarily equally. So, can one spouse retain the family home in a divorce? The answer depends on several factors.
What determines who keeps the house?
In New Jersey, the court doesn’t automatically give the family home to one spouse. Instead, the court evaluates factors such as the financial situations of both parties, the length of the marriage, the presence of children, and how the home was acquired. If marital funds purchased the home, the court treats it as marital property and divides it accordingly.
If one spouse wants to keep the home, they may need to buy out the other spouse’s share or negotiate another financial arrangement. The court may also consider which spouse has primary custody of any children when making its decision.
What if the house is in one spouse’s name?
Even if the home is in one spouse’s name, that doesn’t guarantee they’ll keep it. New Jersey law requires equitable distribution of marital property, regardless of whose name appears on the title. The court looks at how the property was financed, maintained, and other contributing factors.
Can you afford to keep the home?
Even if you want to keep the family home, you must consider whether you can afford it. You must show that you can manage the mortgage, property taxes, maintenance, and other expenses while supporting yourself and any children.
What if the house has equity?
If the home has substantial equity, keeping it might be financially challenging. The spouse who wants to keep the property may need to refinance the mortgage to remove the other spouse’s name and take on full responsibility for payments. This can require considerable financial resources.
Ultimately, the court decides whether you can keep the home. However, if both spouses can reach an agreement, they may bypass court involvement. New Jersey encourages compromise, so try negotiating a solution that works for both of you.