New Jersey’s housing market is among the most competitive and expensive in the nation, and its fluctuations can have a profound impact on divorce settlements. The family home is often a couple’s most valuable asset, meaning that rising home values, limited inventory, and shifting market conditions directly influence how property is divided. Given the importance of the home to each of the spouses, this may be the most contentious issue in a divorce.
The Mount Laurel Housing Market
Mount Laurel, New Jersey, has become one of Burlington County’s most sought-after communities, driving significant demand and rising home prices. The median home list price in Mount Laurel is approaching $400,000 with a median price per square foot of $237. These figures far exceed state averages, reflecting the town’s desirability.
Burlington County communities like Mount Laurel continue to attract families seeking excellent schools and reasonable commutes to Philadelphia, with well-positioned homes typically selling within 28–35 days when priced strategically.
Across New Jersey, the housing market is experiencing intense competition, with prices surging nearly 6%, driven by low supply and migration from New York City, leading to widespread bidding wars. With inventory totaling just 1.4 months of supply and homes selling at over 100% of listing prices, conditions remain firmly in sellers’ favor.
A Tight Housing Market Can Complicate a Divorce
Tight housing markets can affect a divorce because the spouses will no longer be living together. Either one of the two spouses will keep the marital home, or it will be sold, and both will need to seek new residences. How those outcomes are reached may be the subject of intensive negotiations and perhaps litigation. Each spouse may want to keep the family home, knowing that it is a valuable asset, and it is difficult to find housing elsewhere.
The two spouses are forced to live under the same roof for a period of time while the housing situation is being determined, but it will not undermine their ability to obtain a divorce under most circumstances. The most common reason for a divorce in New Jersey is irreconcilable differences. These differences must have persisted for six months, but there is no requirement that the spouses live separately and apart. The only way that remaining in the same home is kind of back to divorce is if the spouses choose to pursue an ending to their marriage under the grounds of separation.
Who Gets to Keep the Family Home in a Mount Laurel Divorce?
New Jersey is an “equitable distribution” state, and the home may be considered a marital asset, depending on when it was purchased. If one spouse owned the home before marriage, chances are that they would be the ones who are able to remain in the home if they want. If the residence was purchased during marriage, and both spouses want to stay, a court may consider numerous factors when determining which spouse gets to remain in the family home. If the parent who will have custody of the children wishes to stay in the home, the court may allow them because continuity would be in the best interest of the children.
Otherwise, a judge may consider a spouse’s contributions to the purchase of the home as well as their ability to find other housing if they must move. When one spouse gets to keep the home, they are required to pay the other spouse for their share of the asset. This could either mean a cash payment or trading other assets in a divorce settlement. There may be additional complexities regarding how the home is valued.
Our Experienced Mount Laurel Divorce Lawyers at Burnham Douglass Offer Guidance and Assistance During the Divorce Process
Our Mount Laurel divorce lawyers at Burnham Douglass can help you deal with all of the complex issues that must be negotiated or litigated for your marriage to end. For a free consultation, contact us online or call today at 856-751-5505. With office locations in Marlton and Northfield, New Jersey, we proudly serve clients in the surrounding areas.