Figuring out what to do with the home is often one of the many issues that have to be addressed at the end of a marriage. New Jersey estranged couples should know what their options are and how to avoid making decisions that can result in costly mistakes.
They generally have a few choices they can make regarding their home, each of which has financial implications. They can choose to sell the home and divide the profits. One spouse can buy out the other spouse and vice versa. A separating couple may also choose to retain joint ownership of the home.
When selling the home, the owners should prioritize maximizing its selling price, which may entail consulting an experienced real estate agent. Each party should also be aware of what his or her portion of the net profits will be, which may not be equal. How they are divided may depend on property laws, terms of the divorce settlement and who made the original down payment. For divorcing couples who opt to retain ownership of the home for a time, they should be mindful of any tax changes that may have occurred by the time they do decide to sell.
Those who buy out the other should be sure that they can handle the financial obligations every month. The other spouse may have money to find a new home, but should be aware that he or she may still be responsible for the original mortgage if it is not refinanced.
A family law attorney may advise a client of his or her rights concerning the division of property during a divorce. The attorney may negotiate with the other party in order to obtain settlement terms that are favorable to his or her client.