Heymann & Fletcher

Addressing marital home is important part of divorce

In addition to tackling matters, such as child custody, one of the biggest points of contention during a divorce in New Jersey is the family home. The house is usually the final item addressed during a divorce proceeding, as this is one of the most emotionally charged parts of a marital dissolution. A few tips may help people going through the divorce process to make wise decisions regarding marital property.

One divorce option is for one person buys out the other person if he or she can afford to do this. This is ideal if the person buying out the other individual wants to remain in the house. However, if neither party can buy out his or her soon-to-be-ex, the home can simply be put on the market. At this point, the couple can strive to get the best price for the property.

As part of the sales process, certain items will be paid off. These include a second mortgage or equity line. Capital gains taxes and brokers' fees must also be paid.

Navigating the divorce process in New Jersey is often complicated, especially when two people have trouble seeing eye to eye regarding major decisions, such as how to handle the family home. Divorce mediation or negotiation, however, may help both parties work toward a mutually satisfactory settlement that will benefit them both in the long run. If they cannot address these affairs on their own, a judge will have to make important property division and asset distribution decisions for them.

Source: realtytoday.com, "5 Home Selling Tips During a Divorce", Nov. 2, 2015

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