When you and your spouse close on a cozy cabin in the Adirondacks or the beautiful beaches of the Hamptons, the last thing on your mind may be what will happen to the property when you get divorced. However, these matters are not uncommon, so understanding how New York divides vacation homes during these matters is critical. If you’re unsure what will happen to this property and other assets you own, you’ll want to keep reading to learn more about these contentious matters and why working with a Nassau County property distribution lawyer is vital.
How Does New York Divide Property During a Divorce?
In New York, the state adheres to the equitable distribution method of dividing marital assets in a divorce. Essentially, this means that your property will be divided equitably, not evenly, according to your contributions to the marriage. This means one spouse may get a larger share of assets if they contribute more domestically and financially.
It’s important to understand what assets will be divided in these matters. As mentioned, when utilizing the equitable distribution method, the courts will divide marital property. Also known as joint property, a marital asset represents any assets like real estate, income, and even insurance policies, that are obtained during the course of the marriage.
It’s important to understand that in some instances, property is considered separate and is not subject to distribution during the divorce. This is referred to as separate property and is often obtained before the marriage, but can be obtained during the union through inheritances. So long as this is kept separate from other assets, it can remain the sole property of one party.
What Happens to Vacation Homes?
If you and your spouse acquired your vacation home during your marriage, it will be treated as marital property and subject to equitable distribution. If you or your spouse owned the home before your marriage, it will be considered separate property unless you or your spouse used marital assets like a shared savings account, to make it marital property.
In the event the home is considered marital property, it’s important to understand that there are several ways this asset can be divided. Since you cannot split a home in half, one option is to retain it and convert it into a rental property in which you split the profits or maintain it for personal use with your ex-spouse. This may only work if you and your ex are on amicable terms, however.
Another option is to sell the home and split the profits. If one party feels strongly about retaining the property, they may choose to purchase their spouse’s share of the home so they can fully retain it.
As you can see, vacation homes are often contentious issues during divorces, so understanding your legal options during these matters is critical. Generally, one of the most important things you can do if this reflects your circumstances is to connect with an experienced attorney as soon as possible. At Barrows Levy PLLC, we understand how difficult these matters can be, which is why our team will help you during these matters. Connect with us today to learn more about how we can assist you.
