Who Gets the House in a New York Divorce?
Dividing assets in a divorce is never easy, and for many couples, the most significant asset is the family home. If you're going through a divorce in New York, you may be wondering: Who gets the house? The answer depends on several factors, including whether the home is considered marital or separate property, financial circumstances, and legal agreements in place.
Marital vs. Separate Property
New York follows equitable distribution laws, meaning assets are divided fairly but not necessarily equally. The first step in determining ownership of the house is classifying it as either marital property or separate property:
Marital Property: If the home was purchased during the marriage, it is considered marital property, regardless of whose name is on the deed.
Separate Property: If one spouse owned the home before the marriage or inherited it, it may be classified as separate property and remain with that spouse.
However, if separate property was used for mortgage payments, renovations, or other improvements during the marriage, the other spouse may still have a claim to a portion of its value.
Factors Courts Consider
If the home is deemed marital property, the court looks at several factors to decide who gets to keep it, including:
Financial Contributions: Who paid the mortgage, taxes, and upkeep?
Custody Arrangements: If children are involved, the custodial parent may be more likely to keep the home to maintain stability.
Ability to Buy Out the Other Spouse: Can one spouse afford to purchase the other's share?
Overall Asset Division: Courts consider the entire marital estate to ensure a fair distribution.
Options for Dividing the House
If neither spouse can afford to keep the home, or if both want to sell, there are several possible outcomes:
Selling the Home: The couple sells the home and splits the proceeds according to the court’s ruling or an agreed-upon settlement.
One Spouse Buys Out the Other: If one spouse wishes to keep the home, they may refinance the mortgage in their name and pay the other spouse their share of the equity.
Co-Ownership Agreement: Some couples agree to continue co-owning the home for a set period, often until children finish school.
Protecting Your Interests
If you're facing divorce and worried about losing your home, it's crucial to work with an experienced New York family law attorney. A lawyer can help assess your financial standing, negotiate a fair settlement, and ensure your rights are protected throughout the process.
Understanding how New York courts handle property division can help you make informed decisions and plan for the future. Whether you want to keep the house, sell it, or reach another arrangement, knowing your rights is the first step toward securing a fair outcome. Contact us to learn more!