What Happens to the Home in a Nassau County Divorce?
A home is often a couple’s largest and most sentimental asset. As a result, it can be difficult to determine what should happen to a shared home in the event of a divorce. There are a few different ways to handle what happens to your home. Read on to learn more about which spouse gets to keep the house in Nassau County and what your different options may be.
What Type of Property in Your Home?
Your home will fall under the category of marital property or separate property. Marital property is property that has been obtained during the course of the marriage. Separate property is property that has been purchased before the marriage or has been gifted, inherited, or purposely kept separate from the other spouse. Notably, separate property can become marital property. For example, if you purchase a home before you are married, but your spouse moves in and contributes to mortgage payments and the upkeep of the home, your house may become marital property. Most houses are considered marital property.
If your home is marital property, it will be subject to equitable division.
If you have questions about whether your home is considered marital or separate property, contact our firm to discuss.
Mediation vs. Litigation
Some couples turn to mediation to settle the matters of their divorce. Mediation involves a neutral third party helping a couple navigate any outstanding issues of their divorce. Because the home is often such a large and sentimental asset, it can be difficult to see eye-to-eye. In these cases, a couple may choose to litigate. This involves taking your divorce to trial and having the courts decide upon how to fairly divide your assets.
Equitable Division in New York
Equitable division is the way your assets will be divided by a New York Court. This means your assets will be split fairly, but not necessarily equally. When making a decision about your home, a court may examine the following factors:
- Length of marriage
- Age and health of each spouse
- Standard of living established during the marriage
- Income and earning capacity of each party
- Value of the property
If you have any questions regarding the division of assets in New York and how this may affect you and your home in the event of a divorce, reach out to our firm today.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 22 years, is always available to assist and represent parties in divorce, separation and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 342-3575.