There are no simple rules about how the family home is to be divided in a divorce or dissolution. Usually, the court will look at the circumstances of your marriage and finances before making a decision.
When a couple gets a divorce, most states use the principle of equitable distribution when dividing property. This means that the court will try to be fair when dividing marital assets and debts.
What is marital property?
Marital property refers to all of the assets that a couple acquires during the course of their marriage. It includes everything from money, cars and homes to collections, furniture, antiques, businesses and even retirement accounts and pensions.
The difference between marital property and separate property varies by state, but typically, all assets acquired during the marriage are considered marital property. Non-marital property is usually titled to one spouse only, and it may include inheritances and personal injury awards received before the marriage.
A major issue in determining what is separate and what is marital property is how it was acquired during the marriage. If you deposited income earned during the marriage into a non-marital account, this can create what is known as “commingling” of the two types of property.
Similarly, if a husband helped his wife remodel their home before they married, he can be responsible for a portion of the value increase in that house as marital property. This is called equitable distribution and is used in New York to determine how to divide marital property in a divorce.
How is property divided in a divorce?
You and your spouse will need to work out how to divide all of your property in a divorce. This process can be a stressful one, but it can also be a great way to avoid spending money in court if you can reach an agreement with your spouse.
To begin, make a list of all the items you own that are worth some amount of money. Start with the most valuable items and work your way down to the least valuable ones.
Your list should include any personal belongings and any investment or retirement accounts. You’ll also need to identify any debts you have.
When dividing marital property in a divorce, courts use a legal rule called “equitable distribution.” This means that the judge will decide what is fair to both parties considering all of the relevant factors.
This can be a tricky part of property division in a divorce, especially for those who own businesses or have a lot of varied assets. It’s important to get advice from an experienced attorney if you have questions about how to value your business or other assets.
What is a 50/50 split?
In a divorce, you and your spouse may agree on a 50/50 split. This is a fair and reasonable way to divide assets.
The amount of your marital property is based on what you owned prior to your marriage. You should also consider any gifts or inheritances that you received during your marriage.
If you owned a house at the time of your marriage, you and your spouse should determine how much equity is in the home. This can include how much you paid toward the mortgage or contributed to the upkeep of the property.
A judge will determine how to split the home equitably based on your circumstances and finances. For example, if you have children, the court will take their needs into consideration when deciding to whom the family home should go.
What if I can’t agree with my spouse?
If you’ve ever been married, you’re probably familiar with the perpetually nagging complaints and disagreements that often accompany this particular stage of life. It can be difficult to keep the peace and make ends meet when one or both parties are so irritated that they simply refuse to engage in any type of meaningful dialogue.
Fortunately, there are steps you can take to get the best possible outcome from your marriage. For starters, you can use a lawyer to guide you through the process.
You can also try to resolve your differences without involving the court system by using alternative dispute resolution methods such as mediation and arbitration. The best way to find out if these techniques are suitable for your situation is to consult with a divorce attorney for an honest and frank discussion about your options. The most important thing to remember is that no one should ever feel obligated to compromise their personal beliefs in the name of a win-win outcome.
