Should You Sell Your Home During Divorce?

Marriage isn’t what you thought! You have found yourself online looking up how to split your assets especially your biggest one, your house. This is definitely a decision that requires some research and assistance from experts. Here are some questions that you want to discuss with your future ex:

Can either of you afford to buy the other out?

Will the kids (if any) be living at the home?

Are both of you no longer interested in living in the home and maybe not even in the area?

If you sell, where do you both live?

Do you know the value of your house? You might be shocked! Contact a local Realtor to assist.

In this market, many stay in the home and buy the other spouse out since the prices have climbed up so high, the numbers sometimes just don’t make sense to sell. Many sell because they can’t afford the payments alone or they are moving out of State.

Here are some commonly asked questions:

Can I Make My Spouse Move Out of the House Now That We’ve Decided to Divorce?  Not really…New Jersey likes awkward situations. Here’s a video explaining it in greater detail:

YouTube Video from NJ Attorney

I purchased my home ten years before I got married and it was fully paid off when my wife and I got married. Is she entitled to any portion of the house? According to the Weinberger Law Group, “Your house would be considered premarital property here in New Jersey and, as a general rule, premarital property is not subject to equitable distribution in a divorce. However, a spouse could be entitled to a percentage of the increase in the market value of the home or could be entitled to reimbursement of monies or payment for actual labor put into the renovations or upkeep of the property.”

My wife and I purchased two vacation homes during our marriage. I would like her to have one and I will take the other. Is this permitted under New Jersey law? If both parties agree, fantastic, maybe you can use it as a negotiating tool?

Do I have to move out ASAP? Many couples stay in the same home until the divorce is finalized. Here are some things to consider:

  • What expenses will be incurred with your new home?
  • What expenses will you be responsible to maintain at your existing marital home?
  • Will you be absorbing two mortgages, two property tax payments, two insurance premiums, multiple monthly utility bills, etc.?
  • How will both homes be paid for and maintained?
  • Can your children be bused to school from both residences?
  • Do your children have easy transportation options to and from their activities and both residences?
  • What would a realistic, temporary child visitation plan look like until the final agreement is signed?
  • If a move is necessary for job purposes, what geographical range of options are available to you and how will such a move influence your custody and parenting time with your children?

What about tax implications, are there any ?

Here is an article that discusses tax strategies:

Maximizing Tax Benefits When Selling Your Home in New Jersey