Who Keeps the Home in a New York Divorce?

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Who Keeps the Home in a New York Divorce?

A family home can be valuable in terms of both money and sentiment. As a result, many people wonder what will happen to their homes in the event of a New York divorce. Read on to learn more.

Marital vs. Separate Property

One of the first factors that will come into play is whether your home is considered separate or marital property. Separate property refers to property that has been gifted, inherited, purchased before the marriage, or purposely kept separate from the other spouse.

Separate property can become marital property. Marital property refers to property that has been purchased during the marriage. For the most part, a home is considered marital property. If you have questions about whether your home is considered marital or separate property, reach out to our firm.

If your home is marital property, it will likely be subject to equitable division. This means that your assets will be divided in a way that is fair to both parties. It is important to note that this does not imply a 50/50 split. When a court determines how your assets should be divided, they will consider:

  • The duration of the marriage
  • Health and age of the parties
  • The standard of living
  • The earning capacity and income of the couple
  • The value of marital assets

What are the Options?

When it comes to dividing your home, there are three main options. You might consider:

  • Selling it: Many couples sell their house and then split the profits, equally or unequally depending upon the situation.
  • Arranging a buyout: In some cases, one spouse will buy the assets of the other spouse, becoming the sole owner of the home.
  • Continuing to co-own the house: this is a popular option amongst couples with young children. Many parents do not want to move their children out of their homes. Instead, one spouse will reside in the home, the other spouse will move out, and the divorced couple may sell the house later down the line.

If you are getting divorced in New York, our firm is here to advocate for you. Reach out today to speak with an experienced and dedicated divorce attorney.

CONTACT OUR FIRM

Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.

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