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When we think about separating or getting a divorce, we often think about our home. It makes sense, after all: the home is the centerpiece of our family’s life. It’s where we snuggle on the couch with our kiddos after a long day; it’s where we wake in the morning and begin again; it’s the ritual of getting breakfast ready and getting out the door to school to work. It’s also where we may truly unwind on the weekends, cooking a meal with— or for— the person we once loved.
There is a sadness in losing the marital home; it’s why, in a different time, children of divorce were often said to ‘come from a broken home. With the right Hackensack property division lawyer, however, the home, property and assets may be used to build a new foundation, a new life— one that will center around a new home. Learn more by scheduling a consultation with an experienced family attorney at our firm.
One immediate question clients often have is, will the children stay in the family home? The answer to this will most likely come down to home economics: which parent makes what income, and who might be willing to buy out the other parent’s interest in the home. After all, real estate is its own kind of investment. If one parent is in a position for this to happen, it may be worth considering. Often, equity is tied up in the marital home, of course. If one of the divorcing parents is comfortable living, say, nearby, in an apartment complex, it may make sense for the divorcing couple to keep the marital home for the kids. This often comes down to the financial aspect or the ages of the children (it may be more desired if the kids are in, say, middle school than college).
If you want to attempt to be the spouse to keep the family home, talk with your Hackensack division of property attorney about:
Pre-divorce and post-divorce income, revenue streams, savings, credit card debt, auto loans, tax burdens, etc. What’s left on the mortgage? All of this and more will have to be evaluated and discussed with a neutral eye toward the bottom line. Try to get as much financial documentation sorted out before your consultation which will all go towards answering the question: Can you afford to keep the family home? (If you can’t get the paperwork in order on time, don’t worry – an O’Cathain Law Group dedicated family law paralegal can help you when you become a client.)
You may have to pay more capital gains taxes. You may want to downsize from the fancy automobile to the less-luxurious car. That dream family vacation you’ve had your eye on for a while may no longer be possible.
Is keeping it right for you? You may need or want to get a new appraisal prior to any decisions. Can your home be refinanced?
However, many clients are not in this position, and the family home may have to be sold— through mediation or Court-ordered— and the proceeds may be split among the divorcing parties (usually fifty-fifty, though not always). Some of the proceeds may be directed towards a new home, a rental house, or a condo or apartment, a place where the family can still gather while the adults figure out their next steps. There’s nothing wrong with this: family, of course, is about people, not a house. And with divorce comes everything that we used to think of as permanent (the marriage, the intact family structure) evolving into something else, which is to say, whatever choices and decisions are made around the family home may not be permanent at all.
A family summer home and the deed to an office building— will also have to be considered in the event of a divorce. That’s why a property division lawyer in Hackensack may be just the right fit for you: your lawyer will help you come to an equitable solution to the seemingly simple— yet complex— question of who gets what.
If keeping the family home does not make sense for you and your soon-to-be-ex-spouse, you may want to:
Preservation of Assets. Most everyone has assets: savings, 401(k)s, stocks, a business— assets that we tend not to think about until we must rely on them or divvy them up. Some divorcing couples may have a prenuptial agreement that guides the process when it comes to distributing assets, others may not. When we talk about ‘preservation,’ we mean that the right Hackensack division of property and preservation of assets attorney will help you hold on to— and fight for— what’s rightfully yours so that you may make sure that you and your children are okay in this next chapter of your life.
You work hard for what’s yours, and now, so will your lawyer and your legal team. Dismantling the joint economics of a married couple can be a very difficult process, but at O’Cathain Law Group, our motto is Move Forward, and ultimately, you’ll do just that. You’ll want to make sure you move forward, with your children, to the right new home with the assets in place to help you comfortably navigate life after divorce. And that’s what the right lawyer will do with you: help you Move Forward.
Thinking of divorce? Worried about your home, your property, your assets— your money? Call, fill out the intake form, or email a dedicated Family Law paralegal to speak with a Hackensack property division lawyer at O’Cathain Law Group.