Understandably, the division of assets is one of the most commonly contested issues in a divorce as there is a lot at stake. Although divorce does not necessarily mean you will have to sell your family home, there are several reasons why the sale of your house can benefit you in a divorce. Many couples wonder whether it matters if they sell their house before, during, or after a divorce. Generally, this depends on a couple’s specific situation. However, many couples opt to sell their homes before or after a divorce rather than during as they do not want to add more to their plate while divorcing. Keep reading to learn about the benefits of selling your home before a divorce and how our seasoned Monmouth County Division of Assets Attorneys can help you navigate the complexities of this legal process.
When should I sell my house in a divorce?
New Jersey is an equitable distribution state. Essentially, this means that a couple’s marital property will be divided fairly, but not necessarily in an equal 50/50 split. The term martial property refers to any assets that were accumulated during the marriage. With that being said if a home was acquired during the marriage, it is considered marital property. If you and your spouse cannot reach a mutual agreement on what to do with the house, the decision will fall into the court’s lap as they will then determine how to divide the assets between both parties fairly. This can lead to an unfavorable outcome as one spouse may receive a larger portion of assets than their partner because the court deems it fair after evaluating several aspects. Couples should decide how their house sale will be handled outside of court.
Furthermore, in a divorce, there is no right time to sell your family home. Ultimately, there are numerous advantages and disadvantages to selling your property before, during, and after your divorce. However, many couples find it in their best interest to sell their home before or after their divorce. Selling your family home before a divorce can alleviate some stress going into the divorce proceedings. In addition, selling your home after a divorce can ensure you have had enough time to make plans to move out and move on to the next chapter of your life.
Should I consult an attorney?
If you are undergoing a divorce, it is imperative to retain the legal services of a qualified Monmouth County division of assets attorney. During a divorce, you will be confronted with various challenges including when to sell your family home. Although there is no perfect time to sell your home in a divorce, an experienced attorney can help advise you on how selling your home before, during, or after your divorce will affect your overall financial security.
For more information on the division of assets, please don’t hesitate to contact one of our adept attorneys who can help you protect your hard-earned assets during the process of property distribution.