What Happens To a Property After a Divorce
When a couple is divorced, whatever they have is subdivided between them.This is usually decided under the Equitable Distribution Law. During the divorce, both spouses have to tell the court about their income and any debts they owe without omitting anything.There are usually two types of properties: marital property and separate property.
Marital property entails property acquired by the husband or wife during their time in marriage.
It is also something either spouse bought during the marriage.
It does not matter whose name is on the title.
For example, if a couple bought a car but only the husband’s name was on it, the wife would still be entitled to some of the value of the car if they were to get a divorce.
Separate property, on the other hand, is property that one of the spouses owned before the marriage.
Any inheritance one spouse gets, even during marriage, is separate property. So are personal gifts.
Can a creditor sue me even if my spouse is responsible for the debt?
A creditor can still sue you if your spouse fails to make payments on the debt that you co-signed.
Creditors can sue you even if there is a court order that says your spouse is responsible for the debt.
It is very important to make sure that you are taken off any open joint accounts you may have opened with your spouse.
You are not responsible for the debt that you did not co-sign for.
The court will look into this when separating the properties:
The income and earning potential of both parties
The value of property owned by the couple
Financial obligations or responsibilities that each spouse has
How old each party is
How long did the marriage last?
What each spouse contributed to the welfare of the family and/or property
The welfare of any children
What Happens to Your Home?
The court can order the home to be sold.
If one of the parents has custody of the children, the court can delay the sale (usually until after the child has graduated from high school).
The court can also give the house to one of the spouses. This will be decided by all the things that affect equitable distribution.
How does the court decide if the home must be sold?
The court will consider how much the home is worth.
It will also look at any mortgages and other types of housing options.
