Will I Lose My Home in My Nassau County Divorce?
There are few prospects more frightening for divorcing spouses than losing their home in a divorce. Unfortunately, if you are getting divorced, this is a possibility, which is why you must continue reading and speak with our knowledgeable Nassau County divorce attorney to learn more about equitable distribution and how our firm can work to help you through every step of the process ahead. Here are some of the questions you may have:
What is equitable distribution?
Equitable distribution is the process by which Nassau County courts will divide assets in a divorce. That being said, you should understand that the phrase, “equitable” seldom means “equal,” so there is a very good chance that your assets will not be divided 50/50. In the equitable distribution process, Nassau County courts will first determine which assets are marital property and which assets are separate property. Marital assets are generally subject to equitable distribution, while separate assets are not. Generally, all assets accumulated before or outside of a marriage are considered separate, such as inheritances or gifts.
In most cases, yes, your home is considered a marital asset, which means that the courts will consider a wide array of factors, and from there, they will determine which spouse gets to keep the marital home. Rather obviously, if you believe you are entitled to keep your home, you have a lot on the line, which is why you simply cannot afford to proceed without the assistance of an experienced Nassau County divorce attorney who is ready to fight for what is rightfully yours.
How will Nassau County courts decide who gets to keep the home in a divorce?
Nassau County courts will consider a wide array of factors when determining which spouse gets to keep the marital home, including the following:
- Each spouse’s age and health
- Each spouse’s yearly income
- Each spouse’s earning potential
- The amount that each spouse contributed to the marital home, both financially and otherwise
- Whether you have a child custody agreement in place
- Tax consequences
- You and your spouse’s debts and liabilities, if any
- The value of your home
- Any other factor the courts deem relevant
If you have any additional questions, please do not hesitate to give our seasoned attorney a call today. We have helped countless individuals over the years, and we know we have what it takes to do the same for you.
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.