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Selling the House During Divorce? Everything You Need to Know From Divorce Lawyers in Hackensack, NJ

If you are contemplating filing a divorce, contact the Divorce Lawyers in Hackensack, NJ at the Giro Law Firm to schedule a confidential consultation today.

HACKENSACK, NJ, BERGEN COUNTY, November 9, 2018 / -- The marital home is usually one of a couple’s largest assets and is often jointly owned. So, in the event of a divorce, who gets the house? If there are children from the marriage, does the divorcing couple want to keep the children in the marital home post-divorce to minimize the impact of the change? Can the couple afford the mortgage post-divorce without the financial assistance of the other?

These are just some of the questions that come up when division of the marital home is discussed with the Divorce Lawyers in Hackensack, NJ. What follows is a quick guide to everything you need to know about selling the marital home during the divorce - that is, before the divorce is finalized.

What Should be Done With the Marital Home?

Couples have four main options when dividing the marital home during divorce negotiations:

● One spouse keeps the house and buys out the other spouse’s interest;
● Couple keeps the home and sells it after the divorce is finalized;
● Couple keeps the home post-divorce and sells it at a later future date, i.e. when youngest child goes to college; or
● The couple can sell the house during the divorce.

Why Sell Now?

There are many factors that contribute to the decision to sell the marital home during the divorce. They are:

● The couple can not afford the home now;
● The profit from the sale of the house can be used to provide each spouse with seed money to start anew post-divorce; or
● Address debt and other joint financial responsibilities.

Prepping Home for Sale

If you make the decision to sell your home during the divorce, the home must be prepared for sale. Some things to consider are:

● Does your home need maintenance or require updating to sell at optimal price?
● A real estate agent needs to be hired to represent both interests;
● Will one spouse or both spouses continue to live in the home during listing?
● Who will be responsible for preparing the home for sale and showing the house?

Accepting the Offer

Discuss the asking price with spouse and real estate agent. If you cannot agree on a sales price, follow the advice of the real estate agent.

Dividing Profits

Generally, everything purchased during the marriage is considered a marital asset and is considered equally owned by the couple. Exceptions include gifts from family, inheritances, and prenuptial agreements.

Contact Divorce Lawyers in Hackensack, NJ

If you are contemplating filing a divorce, contact the Divorce Lawyers in Hackensack, NJ at the Giro Law Firm to schedule a confidential consultation today. Helping Hackensack, NJ with all of their divorce and family law needs, the Divorce Lawyers in Hackensack, NJ are available at every step of your divorce or family law matter, including child custody and visitation, and the division of marital property and assets.

The Giro Law Firm provides legal services in a variety of divorce and family law matters, including contested divorces, prenuptial agreements, paternity testing, parental rights, adoption, spousal support, and civil union agreements.

Attorney Maurice Giro
Giro Elder Law
+1 201-690-1642
email us here
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Distribution channels: Law

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