Divorce is a huge step in an individual’s life. While many wish to make the process as quick and painless as possible, it does not always happen that way. For example, when you and your spouse split, there is a good chance you will disagree on who gets what. Oftentimes, each spouse feels entitled to more than the other spouse is willing to give.
When spouses find themselves in this situation, their divorce will enter litigation, which can be a long, grueling battle. Unfortunately, at the end of the equitable distribution process, both spouses are often left discontented with the outcome. This is why if you are getting a divorce and your assets–particularly your house–is at stake, you must hire an experienced attorney and read on to learn more:
What does equitable distribution mean?
Equitable distribution, in a legal context, basically means “a fair and just division of assets.” However, it can be very hard to feel like all is fair and just if you have been evicted from your home. Fortunately, there are ways to fight for your home, so the sooner you can reach out to a knowledgeable and aggressive attorney, the better.
What is the difference between marital property and separate property?
Essentially, marital property is defined as any property acquired during a marriage, such as your home. Separate property, however, is property acquired before or outside of your marriage, such as an inheritance or a gift. If you do not have some sort of a marital agreement in place, essentially all of your marital property will be subject to equitable distribution.
How will the court decide who gets the house in a divorce?
The court considers several factors when determining who will keep your house, including, though not limited to:
- Both you and your spouse’s age and health
- The length of your marriage
- Any child custody agreements
- Tax consequences
- The value of your property
- Debts and liabilities
- Your financial situation after assets are divided
- You and your spouse’s marital standard of living
- Your and your spouse’s income
- Whether you or your spouse will require a trust to assist paying for medical or educational costs for your child
- Any other factor the court deems relevant to your specific case
Contact our experienced New Jersey firm
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. We understand how serious and potentially impactful divorce and family issues can be, which is why we dedicate ourselves to providing our clients with compassionate and knowledgeable legal advice and action. If you need quality legal services, please do not hesitate to contact the firm for a consultation.