Without a doubt, going through a divorce is an emotionally draining experience, and navigating the maze of local and state laws regarding who gets what assets during the separation and property division can be difficult. If you live in New York, you are likely to have many questions about the division of assets when you separate from your spouse. However, one of the most frequently asked questions in a divorce is “who gets the house?” Owning a home is one of the most valuable assets a couple can have, and putting equity into the value of the home is a wise financial decision for them. The manner in which the division of assets commences when a couple decides to separate will be determined by a variety of factors.
1. Was the house purchased before the marriage, or does it have joint legal ownership with one person?
The majority of married couples purchase a home together, with both of their names on the title of the property. This, however, is not always the case for every couple in New York. Somebody may have purchased and owned the home prior to the marriage, or only one person may have signed the mortgage when it was first purchased and owned by the couple. If these scenarios are the case, then this individual gets first priority during the separation process.
2. Pick your battles when it comes to the assets.
In the majority of divorce cases, the assets, which include the equity in the home, are divided equally between the two parties. Alternatively, if the couple decides to sell their home, the proceeds will be split 50-50 between them, which is the simplest method. However, if this is not the case in a particular divorce, one spouse may be willing to give up many other assets in exchange for the right to keep the family home in the future. One person may decide to keep the house, while the other receives stock investments or vehicles as a result of the split decision. Much will be determined by the value of the home in comparison to the value of the other assets that one person forfeits in order to keep the home. When both members of a divorcing couple want the house, it is common to require legal mediation to determine who will end up with it in the end.
3. What is most important?
A person may be willing to give up ownership of their home without a fight, even if they have a greater financial stake in it, depending on the emotional nature of the divorce. This may be because they do not want the memories associated with it, or they have no emotional attachment to the house’s sentimental value. In another scenario, a person may decide that they do not want the house because they are aware that it will require numerous costly repairs in the near future and would prefer separation from those potential future expenses as a result of the divorce. Also, it is possible that neither of the spouses will be able to keep the home, even if they want to, if they are unable to make the mortgage payments without the income of the other spouse. One spouse might see the house as a continued investment while the other does not.
It will take patience, understanding, and reasonability to get through any divorce and relationship end, as well as the division of assets, so be prepared to put in the effort. For a couple who is divorcing because they are unable to come to terms, compromising on how to divide assets such as home ownership will likely be difficult and will necessitate the involvement of legal professionals. Who ultimately ends up with the house during a divorce in the state of New York will depend on a variety of factors, including those listed above, as well as the individual nature of the couple, their history, and what they hope for themselves in their future.
No matter your situation, or what condition the property is in, we can help find the best solution for you to assist in selling your home fast and easy!