As an experienced Bergen County Divorce Attorney, most of my clients are anxious about what happens to the marital residence in a divorce proceeding. There are a couple of things that we can do with the house. One spouse can stay in the house and purchase the other spouse’s interest in the house, or we can sell the house and equitably divide the proceeds.
What Assets will be Exempt from Marital Property?
- No asset is technically out of the question when it comes to marital property
- The longer you possessed an asset prior to the marriage, the more likely it is that the item can be exempt
- If you shared the asset with your spouse regularly throughout the marriage, the more likely it is that the asset will be equitably distributed
Sharing the Marital Home
- Sharing the marital home eliminates the expense of paying for another house or apartment for a spouse that decides to live away from the marital home
- Keep the children in mind, and make your decision based on what is best for them
Are you worried that you are going to lose your home as a result of your divorce? If so, contact the experienced Bergen County Divorce Attorney Carrie Schultz.
This educational blog was brought to you by Carrie Schultz, an experienced Bergen County Divorce Attorney.