When a couple divorces in New York, dividing property can become a major issue, the house is often the most valuable asset. Here is what you need to know about who keeps the house in a New York divorce.
Equitable distribution in New York
New York follows equitable distribution laws. This means the court aims for a fair property division, but fair does not always mean equal. During the marriage, each spouse owns the income they earn and controls any property listed under their name. However, in divorce, the name on the title is only one factor the court considers.
The court looks at numerous factors to decide how to divide property. These include each spouse’s financial contributions, future financial needs, and the welfare of any children. For example, if one spouse is the custodial parent, they might have a better chance of keeping the house.
Marital vs. separate property
New York law distinguishes between marital and separate property. If the couple purchased the house during the marriage, it is marital property. This means the court will include it in the division of assets. If one spouse owned the house before the marriage, it could be separate property.
Yet, if money from the marriage was used to pay the mortgage or improve the property, the court might consider it partly marital property. Consider consulting an attorney for more insight on this.
What the court considers
The judge’s goal is fairness. To achieve this, the court will weigh several factors:
- The income and property of each spouse at the time of marriage and divorce.
- The needs of the custodial parent.
- The financial future of each spouse.
- Any spousal support awarded.
In some cases, the court might order the house to be sold. This often happens when neither spouse can afford to keep the home alone. The court then divides the proceeds from the sale. Dividing property in a divorce is complex. Consult a New York divorce attorney if you are unsure about your rights. They can help you understand your options and protect your interests.
