Many people often wonder what will happen to the home they shared with their spouse after a divorce. Who usually gets it? Is it sold off? Considering there’s so much history in it, it’s no surprise the thought of losing that home might be a relief or a source of grief depending on the circumstances. What happens to an existing home, however, will depend on the divorcing couple.
In a divorce proceeding, all assets will need to be identified and valued as a part of the property division process. The home and any other property will be included in this process regardless of whose name is on the deed. Likewise, the state of New York is an equitable distribution state, meaning all property will be divided as fairly as possible, rather than splitting it neatly down the middle. While the broad starting point will be half and half, the court will look at a series of factors to make the decision regarding who gets what.
Where the house is concerned, the outcome can go one of two ways. Either the home will be kept by one spouse and the other will be bought out, or the house will be sold, and the spouses will divide the proceeds.
If there are children involved, one parent will often stay in the home to maintain as much stability for the kids as possible, in which case the other partner may receive other assets to even up the distribution. The downside to this last will be that both parties still remain involved in the mortgage, which can make it problematic for the person who has moved out to obtain another mortgage for their own home.
If you don’t share children, or you have decided the best option is to sell the home, there are other considerations to make. Selling a property in the current market might not be as easy as you think. Depending on where you live, the sales can be incredibly slow. The only result of this is holding on to a home you no longer want or selling your home at a reduced price for a quick sale.
Make sure you consider all your options before making a decision. Talk to one of our skilled Dutchess County divorce attorneys about your case, and we can use our 50+ years of combined legal experience to offer you qualified legal advice about your best course of action.
Contact usat (845) 605-4330 or fill out our online form to schedule a free, confidential consultation with us today.