Divorce proceedings can be a tricky and messy affair, especially when you have factors like marital property, businesses, and children to consider. If you have a prenup or can amicably decide who gets what, then you could end up maintaining ownership over one or more of your marital real estate properties.
Otherwise, New Jersey is an equitable distribution state and a judge may divide your marital assets based on what’s equitable or fair rather than an equal division down the middle. There are several outcomes possible for your Egg Harbor TWP property during the divorce process. It’s best to discuss these options with your divorce lawyer, but here’s what you can expect to happen during the proceedings.
Both Spouses Co-Own The House
In some cases, a judge may rule for both spouses to continue co-owning a marital home. This is usually the case if there are children in the picture and it’s in the children’s best interest to continue living in the home until they finish their education or reach adulthood.
The common outcome is that one spouse will move out, while the other (usually the parent that maintains primary custody of their child) will stay. After a number of years, the house will be sold and the proceeds distributed equitably.
In other cases, divorced spouses may also have to live together. This can happen in cases where the house isn’t fully paid yet, and it can be difficult for either spouse to move out because they’re still paying off the loan for the home.
Arrange A Buy-Out
Another possible outcome is the judge will award the house to one spouse, but that spouse will have to buy out the equity of the other. This means if you receive the home, you’ll have to buy out the equity your spouse owns. Since the divorce process in NJ is an equitable one, this isn’t necessarily half of your equity. Factors like whose income paid more for the property can be taken into consideration, to be decided on by the judge.
If your house isn’t fully paid off yet, you’ll have to refinance your loan so that only you are responsible for paying the remaining mortgage. These will have costs that are considered during the divorce settlement.
Split Assets Equitably
Alternatively, rather than buying out your spouse’s share, you can also split assets equitably. This is usually an option if you and your spouse have multiple assets that a judge can split equitably without having to buy out equity in the process.
Under this scenario, you could earn ownership of your property. However, rather than buying out your spouse’s equity, they may be entitled to other assets that is equitable to what you receive. This can be any other house, property, or marital asset that you own.
Sell The House
The easiest solution often used when there are no other significant marital assets or neither spouse can afford to buy out the other or shoulder the expense of the home on their own. In this situation, the judge may order you and your spouse to sell the home and then divide the proceeds equitably. This may not necessarily be a 50-50 split, depending on what the judge deems equitable based on factors of your marriage or any other marital assets involved in the settlement.
While you can sell your Egg Harbor TWP property for your divorce proceedings by listing it on the market, this can take time and effort on your part. The average time it takes to sell a home in New Jersey is 79 days – that means having to deal with the process of selling marital property for around three months, which can be time-consuming and can cause delays in your divorce proceedings. This can stop you from moving on with the next chapter of your life after your divorce because you still have to deal with the logistics of selling on the real estate market.
By selling your home to professional homebuyers like Anchored Homes, however, you can sell your home in a fraction of that time. Our no-nonsense homebuying process ensures you get a fair cash offer for your property within 72 hours after viewing your property and then as little as 14 days to close. This can speed up the process to help you sell your home, split the proceeds, and move on with the next chapter of your life.
Need More Info? Contact Anchored Homes Today!
Divorce proceedings are never easy, especially when you have real estate property involved. But there are several possible outcomes where you can keep or sell your home. To know which options are available to you, talk to your divorce attorney. But if you’re looking to sell your home fast without having to list your property on the market, contact Anchored Homes today to schedule a property viewing.