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Marital Home in Divorce

Marital Home in Divorce

Marital Home in Divorce

What happens to the marital home in divorce in Ocean County?

Will my children need to leave the marital home?

Questions about the marital home in divorce are hard. It’s weird when you don’t want the marriage to end. You work to resolve your differences and yet are forced to sell the marital home in divorce.

Is the marital home in divorce always sold in Ocean County?

The marital home is a major asset of the family. It is also home to the family. The court has the power to force the sale of the marital home in divorce. Will the court always exercise the power to sell the marital home in divorce in Ocean County?

The court always prefers the parties resolve this issue.  it is your marital home. Likewise, it is your divorce.  By and large, parties work out a deal on the marital home. 

Reasons to keep the marital home may evaporate if the children are grown and gone.  Use good judgment when it comes to the marital home in divorce. Good judgment memes maximizing your ass yet and minimizing your budget impact. For example, in a very strong Market, sell for top dollar. Use your marital home proceeds to buy or rent a place in your new divorced budget.

What is unreasonable?

Authentic reasons to stay in the marital home will be honored. for instance, if you are handicapped and the home has been customized for optimal usage. In that case, retaining the marital home is good judgment.  Conversely, telling the judge ”I have 30 years of stuff in the house, I will never be able to clean it out,”  is just silly. The tools for cleaning out the marital home are everywhere including the do it yourself dumpster called The Bagster. Do not let little impediments slow your roll toward a big future. 

Back to children the marital home in divorce in Ocean County.

Of course, the best interests of the children always apply.  Clearly, if the children are Juniors or seniors in high school, keeping them in school maybe a priority.  Courts do not kick kids out of school. School is important in divorce in Ocean County. Continuity of Education includes finishing your Junior and Senior year at the same school.

However, arguing to keep the marital home for grown children fails the test of good judgment.   for example,  children away at college –  courts do not care if they come back to the same house. 

What happens if the marital home is sold in divorce?

Typically, at the closing the mortgage and expenses of sale are paid off.  customarily, expenses of sale Maine real estate commissions, final bills and closing costs.  Those expenses come off the top.  Of course, the mortgage balance is paid off as well. Next comes the good stuff.  common practice includes dividing the house sale proceeds evenly. 

 

Hash from the marital home sale they also pay a business buyout from one spouse to the other. predominantly, marital home sale proceeds are tax-free. Lever those tax-free dollars to decrease debt and catapult you and your children forward

Is the marital home always sold in divorce ?

No. Not at all.  Many times the pot of money created by the marital home in divorce paves the way for a bright future. That bright future may include paying off agreed upon debts. Starting your new life debt free is a good thing. The equity in the marital home is a staple for sound decision-making. Creating Equity, buying out or just suffering the sale of the house are all options. The path of your children  matters. Your stage of Life matters.

Can I keep the marital home in divorce in Ocean County?

First, does the marital home have Equity? If yes, you can buy out or trade house Equity against other assets.   Second,  does the marital home have a mortgage?  if yes,  you must get the mortgage out of your spouse’s name.  Typically,  this means a mortgage refinance.  great news,  a mortgage refinance gives you flexibility.  Refinancing the marital home in divorce may lower your monthly payment even if you have to cash out your ex-spouse.

Game plan with your lawyer to take control of the marital home in divorce.

This Advice includes good decision making leading up to listing and selling. Do not make your lawyers rich fighting over the realtor or personal property in the house.

Here is a great short article on quickly selling your home.

It applies beautifully to sale of the marital home. 10 Tips on Selling Your Home.  All 10 tips are good, I have extracted Tips number 3 and number 4 to highlight here:

 

Get professional pictures taken


Photos are the very first thing a buyer will see of your home, and they can dictate whether they end up scheduling a showing or not. Good real estate photos should highlight the best features of your home, with every measure taken to make the space look as warm and inviting as possible.

It’s not as easy as it sounds, and it’s not something you should trust to just anybody.


My photographer scheduled our shoot around the weather so that we could be sure to have a sunny day that showcased the great natural light our home gets. He also had us clear out our home for pictures the same as we would do for showings: clear counters, minimal clutter, and targeted staging. Your photos are one of the most important parts of your listing, so make sure they’re done right. If they’re not, you’re going to get less potential buyers through the door.

Price it right

Everybody wants to make as much money as possible off their home sale, but it’s important to be realistic. What you paid for the home matters significantly less than what the market is dictating at the time, particularly if your goal is to sell fast. While you don’t have to under-price your home for a quick sale, you do have to price it smartly. Use a home estimate tool to get a basic idea of what range you’re looking at, and then work with your realtor to come up with a starting number that makes the most sense in light of the market and your objectives.

 

Divorce Finances in Ocean County

 

Jeff J. Horn – NJ Divorce Attorney

 

Photo by Outsite Co on Unsplash