When a marriage is broken beyond repair and the couple decides to divorce, one of the subjects they will need to address is the division of the marital property. Per New York’s marital property laws, this refers to the equitable distribution of any asset or debt acquired while in the marriage. But what happens to the marital home?
One of the most valuable assets you can acquire while in the marriage is the family home. Basically, all assets are subject to equitable division according to New York statute, and this includes the marital home as long as it was acquired during the marriage.
So what options do you have when it comes to the marital home?
The first step to handling the marital home is determining whether or not you really want it. The process should generally be smooth if neither party wants to keep the home. That said, here are three options you can consider when dividing the marital home:
You can sell the home – if neither of you wants to continue living in the home after the divorce, or if neither can afford to keep it, then you may sell the home and split the proceeds.
You can agree to a buyout – if one spouse wants to keep the home, then they must equitably compensate the other spouse. The compensation can happen in a number of ways such as.
- The other spouse receiving assets in exchange for their share of the marital home
- Agreeing to financial compensation
- Adjusting child support
You can co-own the home – sometimes, you may want to keep the home so you can sell it at a later date when the market is favorable. In this case, you will simply co-own the home and possibly rent it out or let the kids live there while parents take turns to be with them.
The marital home is most often the largest and most expensive asset you can own. This makes its division a complex undertaking. Knowing your legal options can help you protect your rights while dividing the marital home during the divorce.