Will I Have to Lose My House After My Divorce?
Understandably, your house may hold sentimental value, and it may be an asset that you do not want to give up. If you are worried that you will lose your house after your divorce, continue reading to learn how an experienced Nassau County division of assets attorney at The Pollack Law Firm, P.C., can help you fight for what you deserve.
Will equitable distribution prevent me from losing my house after my divorce?
Firstly, it is important to understand that New York is an equitable distribution state. This means that a New York judge must divide your assets in a way that is fair and just, but this will not necessarily be an even 50-50 split between you and your spouse.
Next, you must understand the two types of property recognized in New York divorce proceedings: marital property and separate property. Only marital property will be eligible for equitable distribution. Put simply, marital property is comprised of the assets you and your spouse acquired during your marriage. So, if you and your spouse bought your house together while you were married, you may not lose it.
Separate property is not up for equitable distribution. Effectively, separate property is made up of the assets you or your spouse acquired either before or outside of your marriage. So, if your spouse is the sole owner of the title, you may lose your house. Also, if your house was given as a gift or inherited by your spouse, or if it was excluded from the marital estate in your prenuptial agreement, you may lose it.
How will the courts determine whether I will be losing my house after my divorce?
Say that the New Jersey judge concludes that your house is marital property. Then, they will conduct equitable distribution, and with this, they will consider varying factors to finalize the agreement. These factors are similarly used for any other marital property that exists, and they read as follows:
- The value of your property.
- The standard of living you and your spouse grew accustomed to in your marriage.
- The duration of your marriage.
- You and your spouse’s yearly income.
- You and your spouse’s earning capabilities.
- You and your spouse’s debts and liabilities.
- You and your spouse’s financial independence.
- You and your spouse’s age.
- You and your spouse’s overall health.
- You and your spouse’s child custody agreement.
All in all, you must fully understand your circumstances to protect your rights to your house. If you require assistance with doing so, do not hesitate in reaching out to a skilled Nassau County contested divorce attorney as soon as you possibly can.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., 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) 938-3330.