What happens to a martial home during a divorce?

On Behalf of | Jul 28, 2021 | Divorce |

When many couples get married in New York, they decide to finance a home together. Unfortunately, not all marriages stand the test of time. If you and your former spouse are going through a divorce, it’s understandable to wonder about the future of a marital home.

Co-owning a home together

While it’s not the most popular option, some divorcing couples decide it’s best to co-own a home. This situation involves the mortgage payment getting split between both parties. Deciding to co-own a home is also beneficial for someone that can’t afford to buy out their former spouse in a divorce.

Sell the home and split the profits

Many divorcing couples feel that selling a marital home is the best option. If you and your ex-spouse decide to do this, it allows both of you to walk away from a divorce with extra money. Selling a martial home is also beneficial for couples that want a clean break from each other.

Buying out your former spouse

Sometimes, one party in a divorce wants the marital home at all costs. When this happens, one person can buy out their former spouse’s share in a home. Since New York is an equitable distribution state, it’s possible that buying out your ex-spouse’s share of a home means paying more or less than 50% of your home’s market value.

In conclusion, several possible things can happen to a marital home in a divorce. If you and your spouse can’t agree on what to do with this property, it could be time to get a divorce attorney involved. By having an attorney on your side, you’ll have someone in your corner that can help ensure negotiations reach a favorable outcome.