Many people have a “family home–” a place that you have lived in for years and raised your children in. When you get a divorce, you may wonder what will happen to your home. It can be especially hard to let go of your house due to the sentimental value it holds. Additionally, a house is often a couple’s greatest asset. For these reasons, it can be difficult for a divorcing couple to decide what to do with their shared home. Read on to learn more about what happens to a home in the event of a New York divorce.
What are the Different Options When it Comes to a Shared Home?
The first thing to consider is whether your house is marital property or seperate property. Marital property is property that has been obtained during a marriage, and separate property has been gifted, inherited, or acquired before the marriage. Notably, seperate property can become marital property in some cases. If your house is seperate property, the owner of the house will keep it. If your house is marital property, it will be considered for equitable distribution.
Equitable distribution is the way that courts divide assets in the event of a divorce.
When equitably distributing a house in New York during a divorce, there are three main options. This includes the following:
- Arrange a buyout: One spouse can buy out the other’s equity in the home. Then the loan will be in only the buying spouse’s name.
- Sell the house: This is the easiest option, as most spouses cannot afford to buy out the other and keep up with the costs of the home. The proceeds can be divided between the couple.
- Continue to co-own the house: When the couple has children together, this is a common option, as children may benefit from staying in their home. This usually results in one spouse continuing to reside in the house and the other spouse moving out. The divorced couple will likely sell the house later on.
A couple may decide what to do amongst themselves through the process of mediation. If a couple cannot make a decision, the court will make a fair and equitable decision.
If you are getting a divorce and you have questions about the best way to handle the equitable distribution of your home in the event of a New York Divorce, contact us today.
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The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.