A family home is often more than just a structure. It is a physical representation of years spent together, memories, love, and family. Not to mention, it likely has a significant financial value. During a divorce, one of the most difficult decisions is often what will happen to the family home. You may be wondering whether it is possible that you will be forced to sell your family home during the divorce process. To learn more about your legal rights and options, consult a skilled Bergen County property division lawyer today.
How Does Property Division Work in New Jersey?
New Jersey operates under an equitable distribution system when it comes to dividing marital property between spouses. This means that assets are not necessarily divided equally, with each party receiving 50% of the property. Instead, the court aims to distribute assets in a way that is fair and equitable to both individuals.
To do so, the court evaluates a variety of factors, including the length of the marriage, the financial and non-financial contributions made by either spouse, the income and earning potential of each spouse, the age and health of each spouse, and more.
Any assets acquired during the marriage, with marital funds, or that both spouses have contributed to through money or labor are considered jointly owned and will be subject to equitable distribution.
Can I Be Forced to Sell the Family Home During a NJ Divorce?
Whether or not you will be forced to sell the family home during your divorce depends on a variety of factors. During property division, one spouse can buy out the other, as in pay them for their portion of the home and then retain sole ownership. Alternatively, you and your spouse may decide to sell the property and split the profits if neither of you wants to remain in the house.
However, if an agreement cannot be reached between you and your spouse, there is a chance that the court will force the sale. If one spouse wants to buy out the other but does not have the means to do so, or you simply cannot decide what to do, the judge has the authority to require you to sell the home.
What Happens When a Home is Sold?
If the family home is sold, the proceeds from the sale will be divided according to equitable distribution. One spouse may receive a larger portion of the profit if they made greater contributions to the home or if they have a more significant financial need based on earning capacity or caring for children.
It is imperative that you fully understand your legal rights and options during your divorce and property division. To learn more, contact an experienced family lawyer today.
