One of the most common points of contention in New Jersey divorces involves which spouse gets to keep the marital home. Some studies indicate that one spouse keeping the home provides an added layer of security and normalcy for any children involved in the split. If you want to keep your home in a divorce, there are some steps to remember.
Evaluate your financial situation
It’s not uncommon for divorcees to want to keep their home after a divorce, but doing so isn’t always wise. When you purchased the home, you probably did so as a two-income household. Being able to continue to make the mortgage payments, pay insurance and any HOA fees after a divorce should impact your decision to pursue home ownership post-divorce.
Determining the home’s value
Refinancing your home after the divorce removes your ex’s name from the mortgage document. Unless you and your ex come to another type of agreement, most family law courts will require you to go through this process. The company you refinance through will have your home appraised to ensure that your new mortgage covers the property’s value.
Consider all your options
While divorce has the potential to bring out the worst in people, it’s not always the case. In some situations, divorcees reach an agreement about the details of the divorce, including who gets to keep the home. You and your ex can determine how you want to handle the transaction without petitioning the court. In some cases, you may be able to buy out your ex’s equity in the home. Some couples also agree to co-ownership of the home going forward.
There are several benefits of getting your marital home after a divorce. Consider the financial factors and the long-term ramifications before pursuing ownership.