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Should You Fight to Keep the House In a New Jersey Divorce?

A couple going through a divorce

While you’re in the process of getting a divorce, it can feel like everything in your life has been turned upside-down. It can be difficult to remain rational in regards to all the different decisions you need to make regarding your future and finances, without letting sentiment get in the way. You may want to avoid as much upheaval as possible, such as by remaining in your family home. However, fighting to hold onto the house you owned with your ex might not be in your best interests in the long run. Consider some of the issues below, and speak with your attorney about the advantages and disadvantages of retaining this large asset.

Can you afford to keep paying for the house?

Even if you were the primary wage earner in your marriage, your financial situation may undergo major upheaval in a divorce. You may be required to make alimony and child support payments, and just living as a single person after years of splitting expenses can be a shock. The cost of monthly mortgage payments may be harder to manage than you realize. Additionally, you should consider the smaller share of the remaining assets you would take in a property division, should you choose to keep the house.

Will you be able to obtain a refinanced mortgage?

If you are the spouse who retains the home in a split, it’s likely that you will need to refinance your mortgage under your name alone. If you’ve been out of the work force for an extended time, you may not appear to be an excellent loan candidate to a bank, and your interest rate may climb.

Consider the current housing market in your area.

You may be inclined to punt on whether or not to sell the home you shared with a spouse, but if it’s currently a seller’s market in your area, it might be worth the additional hassle of selling now, and not getting stuck with a house you don’t want that you can’t sell when you’re ready to do so. That said, it may behoove you to be patient if the housing market is rising in your area, resulting in a profit for you by holding onto a home that will only increase in value. Speak to a local real estate expert about what you should expect in the coming months and years.

If you are considering a separation or divorce in New Jersey and want to discuss your options with trustworthy and diligent legal counsel, contact experienced Union family law attorney John. B. D’Alessandro for a consultation on your claims, at 908-964-0102.

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