When couples in New York decide to divorce, one of the biggest questions is: who gets the house? The answer depends on New York’s Equitable Distribution Law, which aims to divide property fairly, though not always equally, between spouses.
Understanding Equitable Distribution
In New York, marriage is seen as both an economic and social partnership. This means that during a divorce, the court looks at all property acquired during the marriage, called “marital property,” and divides it equitably.
Marital property includes everything bought during the marriage, regardless of whose name is on it. This can even include pension plans and retirement accounts. Separate property, however, remains with the spouse who originally owned it. This includes property owned before marriage, inheritances, or gifts from someone other than the spouse.
Factors in Property Division
If you and your spouse can’t agree on dividing your property, a judge will decide based on several factors. These include the length of the marriage, who has primary custody of any children, and each spouse’s financial situation.
The court also considers non-monetary contributions, like child-rearing or maintaining the home. Additionally, the judge looks at each spouse’s age, health, and future financial needs. For example, the family home can be sold and the proceeds split; one spouse might buy out the other’s share, or one might stay in the home temporarily, depending on financial circumstances and contributions.
Seeking legal help
Dividing property during a divorce can be complicated; emotions often run high during a divorce. That’s why seeking legal help is usually a good idea. A lawyer can explain your rights and help you understand what you might be entitled to. They can also assist in negotiations and advocate for your interests in court, ensuring that property division is as fair as possible.
In New York, deciding who gets the house in a divorce involves understanding the principles of equitable distribution. While the process aims to be fair, it can be complex. If you find yourself navigating a divorce, consider contacting a legal professional. They can provide guidance and help you work toward a resolution.