When getting divorced, you do not necessarily have to sell your house before mediation or litigation. However, it may be in your best interest to sell your family home before divorce proceedings. This will alleviate some of the stress associated with the division of assets. Please follow along to learn whether you should sell your family home before, during, or after your divorce. In addition, contact one of our seasoned Bergen County NJ Property Division Attorneys who can help you navigate the complexities of this legal process.
Is it better to sell your family home before, during, or after a divorce in New Jersey?
New Jersey is an equitable distribution state. This means, during a divorce, during the division of assets a couple’s marital property is split in a way that is deemed “most fair” between both parties. Essentially, marital property refers to any assets or property accumulated during the marriage. In most cases, couples purchase a home together after marriage. Therefore, most family homes are considered marital property as both parties co-own the property. Unfortunately, if a couple does not agree upon a way to sell their home, they may lose control over the decision on the sale of their home during property distribution.
Moreover, although there is no “right” or “perfect” time to sell your house in a divorce, selling before you’ve begun your divorce proceedings can help you ensure you have control over how your assets are split and can help alleviate some of the stress couples are often confronted with when facing a divorce. Essentially, selling your home before a divorce can save you time and money. Similarly, selling your home after a divorce can alleviate stress because the terms of your divorce have already been sorted out. You can sell the house without pressure and move out and begin the next chapter of your life. Selling your house during divorce is not a wise idea. During a divorce, you will be confronted with many challenges including the division of assets, alimony, child custody, and child support. As mentioned above, since New Jersey follows an equitable distribution system, the court will have control over how your property is divided. This means spouses may not receive equal portions of the home sales. To avoid this issue, it is in your best interest to sell your family home before or after your divorce.
In the unfortunate event that divorce is imminent, please don’t hesitate to reach out to one of our experienced attorneys who can help you navigate the process of property distribution. Allow our firm to assist you today!