Photo of Professionals at Weinberg, Kaplan & Smith, P.A.
Photo of Professionals at Weinberg, Kaplan & Smith, P.A.
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Property division and the family home

by | Aug 8, 2019 | Property Division

Many New Jersey families build a lifetime of memories in their familial home. This can make it difficult to part ways with the residence when a divorce occurs, especially when children are involved because one or both parents may be concerned about how a move will affect the children’s well-being. Therefore, oftentimes, the parties to a divorce will fight over who will keep the home, usually due to their sentimental ties to it. But does it always make sense to fight for the family residence during the property division process? Maybe not.

The obvious reason is costs. Since property division in New Jersey focuses on dividing assets in an equitable, or fair, way, one party to the divorce typically must buy the other one out in order to keep the family home. This can be an expensive proposition, even if other assets are foregone. Even if an individual can come up with the money, they need to consider ongoing costs associated with their current home. Maintenance and repairs, as well as taxes, can be difficult when being paid from one income, especially when an individual is used to having a second income to help cover those costs.

Of course, as we allude to above, an individual may be able to secure a family home by giving up on other marital assets, whether they be retirement accounts, bank accounts, or items of personal property. Alimony may even be a negotiation tactic, as many individuals wish to avoid this ongoing financial obligation.

When it comes to property division, New Jersey residents need to be careful. Making emotional decisions can lead to disastrous financial consequences, as can be the case when a party seeks to retain a family home. However, every divorce is unique, as is every property division process. This is why New Jersey residents who are going through marriage dissolution should consider working closely with a legal advocate who can help guide them through the process and, hopefully, attain a firm financial foundation post-divorce.