When you and your spouse cannot agree on the terms of your divorce, your assets, including your house, will be up for equitable distribution. Read on to learn how your house will be distributed after your divorce and how a seasoned Nassau County property distribution lawyer at Barrows Levy PLLC can represent you during the negotiation process.
Marital property vs. exempt property. What is my house considered?
Your house is considered marital property if it was bought or acquired during your marriage. With this, it can be subject to equitable distribution in your divorce.
However, your house is considered exempt property if you or your spouse bought or owned your house before you got married and just put the one name on the title. Since the house would only belong to the sole owner on the title, it cannot be subject to equitable distribution. Although this is the most common case, other circumstances in which exempt property may be determined are as follows:
- If someone gave the home to you or your spouse as a gift.
- If the home was inherited by you or your spouse.
- If there was a prenuptial agreement that excluded the home from the marital estate.
How will my house be equally distributed?
Once your house is determined as marital property, New York courts will assign a value to it. Then, when equally distributing the value of your house, you can take the following routes:
- Selling the house: this is meant for spouses who cannot afford to buy out the other and keep up with the costs of the home. Once it is sold, the proceeds can be divided equally between both spouses. Or, it can be divided unequally to compensate a spouse for giving up another asset.
- Arranging a buyout: this is when one spouse buys out the other spouse’s equity. When this happens, the buying spouse usually arranges to refinance the loan, the selling spouse receives their share of the equity, and the loan will only be in the buying spouse’s name.
- Continuing to co-own the house: this is a common option when a couple has children that benefit from staying in their same family home. In these situations, one spouse usually moves out and waits for a period of time before selling the home.
If you are still unsure about which course of action is in your best interest, contact a knowledgeable Nassau County divorce lawyer today.
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Barrows Levy PLLC is a highly experienced New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, we are ready to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.