Going through a divorce is a difficult process. It is made even more difficult when questions arise such as which one of you gets to keep the house in a divorce, or if either of you get to keep the house. The first question that needs to be answered is whether the house is a marital asset. On certain occasions, a house may be purchased by one party prior to the marriage or be inherited and therefore may be exempt from equitable distribution. If the house was purchased during the marriage, with marital funds, there are two main options with regards to distribution of the home:
- One spouse “buys out” the equity in the home from the other spouse and remains in the home.
- The house gets sold and the proceeds are split equally between the parties.
If the two of you cannot agree on one of you buying the other one out, the Court will generally look at the circumstances of each of you. If for example, Wife wants to remain in the home with the parties’ children in order to provide a stable living environment, the Court may be inclined to allow the Wife to stay in the home and buy out Husband’s share. If you do not have such circumstances, the Court may very well Order the house to be sold and the proceeds split.
It is important to speak with an experienced attorney regarding distribution of marital assets, specific to your case. The attorneys at Onal Gallant and Partners, P.C. would be more than happy to provide you with a consultation regarding your case. Feel free to reach out today.
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