No.
In New Jersey there is no law saying that the marital home MUST be sold as part of every divorce case.
Yet often when people get divorced, they sell their house.
Why?
The bottom line is that whether your home must be sold depends upon the economic condition of your family.
You have basically 3 options.
First, you may choose to stay in the home and buy-out your spouse's interest.
If doing this, remember that there is no credit given for a non-existent fictitious real estate commission.
So that means that if you buy-out your spouse's interest, you don't get to deduct 5% or 6% as a "fictitious" real estate commission because there IS no real estate commission.
If you keep title to the property and if, like most people, you have a mortgage (and perhaps a home equity loan also), you will have to refinance the mortgages into your name within a reasonable period of time so that your spouse is relieved of all financial liability.
Second, if you unfortunately have a hotly contested divorce case, the Judge has the power to order your house to be sold over the objection of you or your spouse.
When couples cannot come to an agreement on what to do with their home, the court may step in and order the sale of the property.
Similarly, if money is very tight, it may not be possible for either you or your spouse to keep the marital home, and so it may have to be sold.
Third, the marital home may be awarded to you in exchange for your spouse's business being given to your spouse (there may be additional money paid to one of you by the other if the house and the business have different values).
In many cases, selling your home may be the most practical and cost-effective way of dividing your assets with your spouse.
If selling the home is the only viable option, then you and your spouse will need to agree on the sale price, and any profits or losses will be divided between the two of you.
If you and your spouse cannot agree, then the judge will decide the asking price.
Any outstanding mortgages or loans on the property will be paid off from the sale proceeds, and any remaining amount after paying all costs of the sale will be split between you and your spouse.
THERE'S A LOT MORE FREE HELP WHERE THIS ARTICLE CAME FROM
I understand that the idea of selling your house can stir up some painful emotions.
My best advice is to take it slow: there probably is no need for you to make an immediate decision.
Also, you should stick around this website...it will help you...not only with the decision about your house, but on every other issue that you will be facing.
The most important thing for you to do before doing anything else is to learn how to protect yourself, your children, and your assets.
I'll show you how you can do it.
I've specialized in NJ divorce law for 37 years, and I've successfully represented over 5000 New Jersey residents who have struggled with the same issues that you are facing.
I "get it" and I'm here to help
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Every divorce case is different.
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I get emails from strangers all the time thanking me for making this information available to them online at no cost, and I'm pretty certain that you, too, will get a lot of value from my emails.
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The next move is up to you...!
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Until next time,
Steve
Steven J. Kaplan, Esq.
Specializing In Divorce
In Monmouth County
5 Professional Circle
Colts Neck, NJ. 07722
www.KaplanDivorce.com
(732) 845-9010