Who Keeps the Family Home After a New York Divorce?
If you are getting divorced, you likely have a lot of questions. One of the most common questions people ask is “who keeps the family home after a New York divorce?” Read on to learn more about what happens to your home in the event of divorce.
Is Your Home Marital Property?
One of the first things to consider is the type of property your home falls under. In New York, 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.
What is Equitable Division?
In New York, assets are divided through the process of equitable division. This means that when your assets are split, they are not necessarily split down the middle. Instead, they will be divided in a way that is fair and just to both parties. In order to determine what is fair, a judge will 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
What are the Options?
When it comes to dividing a family home, there are three main options:
- Sell your home: many couples sell the home and then split the profits
- Arrange a buyout: in some cases, one spouse will buy the assets of the other spouse, becoming the sole owner of the home.
- Continue 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 have any questions about a New York divorce, contact our firm to speak with an attorney.
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