Keeping the house after divorce may be complicated in New Jersey | Lane & Lane, LLC
Lane & Lane, LLC Lane & Lane, LLC
The Experience To Find Your Solution
Call Today: 908-448-2865
Toll-free: 888-533-9154

Keeping the house after divorce may be complicated in New Jersey

Once a couple decides to divorce, they may realize that the process is more complex than they originally suspected, especially if they have valuable assets or massive debt. The division of assets and debt can prove complicated and even expensive as valuations must be made and loans must be refinanced. New Jersey couples who are considering divorce may want to investigate their options for the division of their property and assets before beginning the divorce process.

For many couples, the easiest option is to sell a shared home and split the profits. However, if one spouse wants to keep the home, the other spouse likely wants removed from the mortgage so that he or she is able to start over without the debt attached to his or her credit report. This generally means that the spouse who wishes to retain ownership of the home needs to refinance as a single homeowner. This can be difficult if that spouse does not have an adequate credit score or has a significant amount of other debt. 

One way to be as prepared as possible is for a spouse to investigate his or her credit report before the divorce is filed. This gives that spouse a better idea of his or her options. It also gives that spouse time to devise a plan for improving his or her financial situation, if necessary.

For most New Jersey couples, the shared home is often the most valuable marital asset. It may also present the biggest challenge during a divorce. If they can determine how to divide the property in a way that fits both their needs, they may find that the rest of the divorce process is much less contentious. 

Source: online.wsj.com, "In a Divorce, How One Spouse Can Keep the House", Anya Martin, Nov. 5, 2014

No Comments

Leave a comment
Comment Information