Home and Real Estate Division
During the divorce process, spouses must divide the marital property they have accumulated during the course of their marriage. One of the most common properties which must be divided is the family home. In addition to the obvious financial complications, there are also issues involving sentimental attachment, the comfort and preference of children, and much more. Additionally, many couples own other real estate such as vacation homes or business properties. So, what does this all mean for divorcing couples in New Jersey?
The home and property division attorneys of Jacobs Berger understand that properties mean much more than dollars and cents. They represent family memories, the home where your children grew up, a culmination of your hard work and effort, and we treat them as the precious items they are during divorce. Our firm takes pride in offering white glove legal service for our Morris County clients from local communities including Morristown, Randolph, Madison, Denville, East Hanover, Morris Township, Dover, and across Northern New Jersey.
Call our office today for a confidential and comprehensive Strategic Planning Session with one of our qualified and experienced divorce attorneys regarding the division of your family home or other owned property.
Real Estate Division Attorneys Define Equitable Distribution
When it comes to the division of marital property, New Jersey is an equitable distribution state. For those going through a divorce, this means that their marital assets must be divided equitably (fairly), though not necessarily equally. Your family home and other owned real estate are no exception, and they may be considered eligible for equitable division dependent on the nature of your circumstances.
All properties purchased or acquired during the marriage will most likely be considered marital property. In this case, it will not matter if only one spouse’s name appears on the deed so long as it was acquired after the marriage was finalized and before either party filed for divorce.
If, however, the family home was purchased before the marriage and remained the sole possession of a single spouse throughout the marriage, it is possibFle the property will be considered separate and not eligible for equitable distribution. There are exceptions to this rule, and each case will be considered individually.
Home and Property Division Lawyers Discuss Real Estate Appraisals
As your family home or other owned properties are considered financial assets, our Madison home and property division lawyers will take the step of ensuring that they are properly appraised during the divorce process. Regardless of how you will eventually divide your real estate properties, it can only be done so equitably once the fair value of the real estate has been determined.
It is very common to use real estate and other experts to appraise your owned real estate. Depending on your circumstances, you and your spouse may choose to jointly select an appraiser or may each hire an appraiser to work on your behalf. For business properties, appraisals may also come from industry experts who can weigh in on fair market value.
Real Estate Equitable Distribution Attorneys Divide Owned Properties
Our Randolph real estate equitable distribution attorneys will help our clients identify how much their marital properties are worth, and to what degree each party is entitled. At this point, there are three primary ways in which owned homes and properties may be divided:
- Sell the properties and divide the sales money. The simplest and often the cleanest solution is to sell the owned real estate and equitably divide the net gain.
- One spouse buys out the other. When one spouse desires to stay in the family home or retain other real estate, they may offer to buy out the other spouse’s equity in a property. Assuming both individuals were on the deed, this will likely entail a sale or transfer of deed
- Retain joint possession. In some situations, it may be possible for an agreement to include one spouse remaining in the family home while both retain legal ownership. This can be done to keep children in their family home until moving out of the house or for other personal reasons. Divorce does not preclude two individuals from jointly owning property if that is their wish
Contact our Marital Home and Property Division Attorneys
At Jacobs Berger, our marital home and real estate property division attorneys take pride in serving clients from Morris County towns such as Denville, Morristown, Morris Plains, Madison, Randolph, East Hanover, Florham Park, and all of Northern New Jersey. We view each divorce case we take as an opportunity for us to help our clients build a solid foundation for their family’s future. Our team works closely with each client to de-stress divorce while aggressively pursuing the outcome which will best serve their individual needs and concerns.
If you are going through a divorce and need legal help dividing your marital home or other owned real estate, please contact us online or through our Morristown offices by calling (908) 481-4625 today for a confidential and comprehensive Strategic Planning Session with one of our qualified divorce and family law attorneys.