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3 solutions for your home in a New York divorce

On Behalf of | Jan 8, 2022 | Divorce |

You and your spouse might share ownership of many major assets, possibly including vehicles and real estate. Your marital home could be a major source of disagreement if the two of you divorce.

You will have to decide what to do with the property where you once lived together. Both of you likely have an ownership interest in the home according to both spousal rights and equitable distribution rules. What could you do with your house when you get divorced?

Ask to live in the house

If you have the income and credit score to refinance the property, you might be able to stay in the marital home after your divorce. Your paycheck, combined with any spousal or child support, can factor into the income you use to qualify for a loan.

You could let your spouse keep the house

If you don’t have an emotional attachment to the home or if you want a fresh start, agreeing to let your ex keep the home can be a great decision. You can receive your share of its equity when they refinance or you can keep other property, like your retirement account, in exchange for the equity in the home.

You can sell the house

If neither of you wants the home or has the ability to finance it without help, then the two of you might decide that the best decision is to sell the home. If you have only owned it for a few months, a judge might reach that conclusion when considering your property in a litigated divorce as well.

Thinking about how to handle your biggest assets can help you prepare for property division decisions in your upcoming divorce.