During the division of assets in your divorce proceedings, a lot of your assets are on the line. However, the asset that you probably care about the most is your house. Read on to understand the chances of losing your house after your divorce and how one of the seasoned New York City division of assets attorneys at Zimmet Law Group, P.C. can help assess your situation.
What are the chances of losing my house with equitable distribution?
Similar to most states, New Jersey follows equitable distribution. This law has a judge determine a fair and just allocation of your marital assets, which may include your house. Notably, “fair and just” split does not necessarily mean an even 50-50 split.
That said, during your divorce proceedings, there will be two types of property recognized: separate property and marital property. For one, your house is separate property if it was bought or owned by you or your spouse alone before your marriage. If your spouse is the sole owner of the title, your house is not subject to equitable distribution and you may lose it. Other examples in which your house is exempt property read as follows:
- If you or your spouse were given the house as a gift.
- If you or your spouse inherited the house.
- If your house was excluded from the marital estate in your prenuptial agreement.
Secondly, your house is marital property if it was bought or acquired by both you and your spouse during your marriage. Your house will be subject to equitable distribution and you may not lose it.
How do the courts decide whether I will be losing my house after my divorce?
If a judge determines your house to be marital property and executes equitable distribution, they will divide its value between you and your spouse.
If you want to keep your house, you can choose to arrange a buyout, if you can afford to buy out your spouse’s equity, or continue to co-own the house, if you can remain amicable with your spouse. But if this is not doable, then you may choose to sell your house. Once sold, a judge will divide the profit equally between you and your spouse.
We understand just how stressful property division decisions can be. So if you require any form of guidance, you must contact one of the competent Manhattan divorce attorneys before your divorce proceedings commence. Rest assured, we will work toward a solution that is in your best interest.
Contact Our New York City Firm
If you require the services of an effective New York City attorney of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, or landlord-tenant law, contact Zimmet Law Group, P.C. today to schedule a consultation.