Friday, July 21, 2017
As an accomplished New Jersey Divorce Attorney, I am often asked by clients about what will happen to their home during the divorce process. There are three things that are important when it comes to splitting a house. Number one, the spouse buys the other spouse out, gets an appraisal, finds out how much equity is, writes a check, and refinances it. Number two, the other spouse buys the other spouse out. Number three, the house gets sold. Their maybe a lot of emotion and memories attached. But once you go in front of a judge he does not care and will just sell it. If spouse A wants the house and spouse B wants the house and fight for it neither will end up getting it. It gets sold unless you have spouse A who says, “I can buy the house,” and they’re working a job that income wise is much less than the other spouse and they have no ability to buy the house. They’re just saying, “I want to buy the house. If I can’t have it, you can’t have it.” Well That’s not right.
If one spouse wants the house and the other spouse wants the house, the next question is who has the wherewithal to buy the house. If both spouses have the financial wherewithal to buy the house, that house is getting sold. If one spouse has the wherewithal to buy the house and the other spouse doesn’t, that spouse is getting it.
What’s really terrible sometimes, emotionally, one side has money, family money, friends, boyfriends, girlfriends, and the other side doesn’t. The person with the money then can come in and try to buy the house out from the other person. Three concepts: One person buys the other person out; the other person buys the other person out; they both want it, they both have the wherewithal, and it’s sold.
Do you know who has the rights to your house after a divorce? Contact our experienced New Jersey Divorce Attorney for advice.
This educational blog was brought to you by Christopher Leon Garibian, an experienced New Jersey Divorce Attorney.