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What should you do with your marital home?

On Behalf of | Apr 13, 2021 | Property Division

Deciding to divorce your current spouse means deciding what to do about your marital home. Which options do you have, and which makes sense for you?

U.S. News & World Report may help you decide how to handle property division in a divorce. Explore your choices to understand how to navigate this new chapter in your life.

Remain in the house for your shared children

If you and your soon-to-be-ex have shared children, you may not want to sell the marital home just yet. You may try nesting, which means one parent stays in the house with the kids while the other parent lives in a shared residence that both parents pay for. This way, your kids stay where they are, but you do not have to worry about seeing or being around your partner much.

Sell later

While you and your soon-to-be-former-spouse may agree you want to sell your marital home, circumstances may require you to wait before putting the property on the market. You may wait to sell your home later. If so, you have time to decide how to divide equity from the sale, where you want to move and where life takes you next.

Sell now

Perhaps you notice New Jersey’s current market favors sellers, giving you an incentive to list your home ASAP. Determine whether to make repairs on the residence to entice potential buyers and raise the property’s value, how much commission you may owe a real estate agent and how much you should expect to pay in taxes.

Give strong consideration to what to do with your marital property. Your choice may have a bigger impact than you realize.