If you are getting divorced, there is inevitably a lot on your mind. Among the things to consider, you may be wondering what will happen to your house. You and your spouse likely share a home together, so once you split up, who gets the house? This can be a complicated decision to make, and it depends upon a few different factors. In order to make the best decisions for yourself and your family, it is important to educate yourself on the divorce process and find the right attorney to support you through it. Read on to learn more about what happens to the home in a Long Island divorce.
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.
Things to Consider
- Do you have children? Many parents with younger children choose to continue co-owning their house so that the children will not have to move. In this situation, one spouse usually stays in the house and the other moves out. The divorced couple may choose to sell the house down the line.
- Do you want to keep the house? Some couples want to start fresh. A house can be very sentimental, and some divorced couples wish to move on from that part of their lives. In this case, the couple may sell the house and split the profits.
Additionally, another option is to arrange a buyout. In this case, one spouse will buy the share of the other’s, becoming the sole owner of the house.
How to Decide?
Some couples can decide what to do with their house through the process of mediation. Mediation involves a third party helping the couple navigate their divorce and make fair and equitable decisions. Because a house is often a couple’s largest asset, it can be extremely difficult to come to a conclusion about how to handle the property. In these instances, a court can decide what should happen to the home.
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.