Who Gets the House in a Divorce in New York?
The question of who gets the house in a divorce is one of the most contentious and emotional issues that divorcing couples face. In New York, the division of marital property, including the family home, follows the principle of equitable distribution. This means that the court seeks a fair, but not necessarily equal, division of assets.
The reality in New York is that in most cases marital homes acquired during the marriage are split equally (50/50). However, if a spouse used money to purchases a marital home that they had before the marriage, inherited, won in a personal injury case or was a gift to only that spouse, than that spouse may seek reimbursement of those funds before any split of equity in dividing the marital home. Such a claim for “separate property” is the burden of the spouse making the claim to prove through documentation.
Several factors influence the court’s decision regarding the house. These include the length of the marriage, the financial contributions of each spouse, non-monetary contributions such as homemaking and child-rearing, and the economic circumstances of each party post-divorce. If there are children involved, the court may prioritize awarding the house to the custodial parent to minimize disruption in the children’s lives.
In some cases, the court may order the house to be sold, and the proceeds divided between the spouses. Alternatively, one spouse may buy out the other’s interest in the property or trade other assets to retain ownership. To determine a fair division, the court will consider appraisals and valuations of the property, as well as any outstanding mortgages or liens.
In addition to the legal considerations, emotional attachments to the family home can complicate negotiations. It’s important to approach this issue with a clear understanding of your financial situation and future needs. Consulting with financial advisors and real estate professionals can provide valuable insights and help you make informed decisions.
Zimmer, Mathiesen & Associates can help you understand your rights and options regarding the family home. Our experienced attorneys will work with you to gather all necessary information, negotiate on your behalf, and advocate for a fair resolution that considers your financial stability and future well-being.
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