One of the biggest challenges in a divorce in New Jersey can be dividing marital property, particularly the family home. If your partner refuses to sell the house, this can complicate the process.
Here’s what you need to know about your options.
Negotiating a settlement
Before involving the courts, it’s often beneficial to attempt a negotiation. You and your partner might find a compromise through mediation or direct discussions facilitated by your attorneys.
In New Jersey, equitable distribution governs property division, so the house doesn’t necessarily need to be sold, but its value must be divided fairly. If one partner wishes to keep the home, they may need to buy out the other’s share or trade other assets to balance the division.
Court intervention: Partition and sale
If negotiations fail, you can ask the court for a partition and sale of the property. If the couple cannot agree, the court can order the home’s sale. A judge may also decide how the proceeds will be divided based on several factors, such as each spouse’s financial contribution, the children’s well-being, and the distribution’s overall fairness.
Retaining the house: Buyout options
If you prefer to keep the home, but your partner refuses to sell or cooperate, you might consider a buyout. This means paying your spouse the fair market value of their share of the property.
To do this, you may need to refinance the mortgage in your name only, which can be challenging if your credit or income doesn’t support the application. Consulting with a financial advisor or real estate expert is crucial to understand the feasibility of this option.
Dividing a home during a divorce can be complicated, especially if your partner refuses to sell. Consulting with a New Jersey divorce attorney can help protect your rights and guide you through the legal steps needed to achieve a fair outcome.
