When New Jersey couples are going through a divorce, one of the most important subjects that might have to be discussed in property division negotiations is the marital home. They will have to reach an agreement about who will get to keep the home or whether they will sell it instead.
Some people who are going through a divorce want to stay in the marital home so that they do not have to move. Divorcing parents may be attached to their home for its location in their child’s school district. However, a newly single person could have more difficulty affording the mortgage and upkeep for the home that they shared with their ex-spouse. There are also many people who would rather change residences after a divorce to avoid unpleasant memories of their marriage.
One spouse may agree to buy the other spouse out and stay in the marital home after the divorce. Though the spouse who leaves will no longer own the home, their name will probably stay attached to the mortgage. To get one spouse’s name off of the mortgage, the other spouse will have to refinance. Depending on a spouse’s finances, it may be difficult for them to refinance the mortgage after going through a divorce because they will only have one income.
There are many different issues for a spouse to consider when they are deciding whether to stay in the marital home after a divorce. A family law attorney may be able to help a spouse to understand the financial and tax consequences of keeping or selling the marital home. Once a divorcing spouse has decided whether or not they want to keep the marital home, an attorney may help the spouse to pursue their goals in property division negotiations.