Who Keeps the Home? What to Know About Equitable Division

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Who Keeps the Home? What to Know About Equitable Division

When it comes to a divorce, there are many factors to consider. For example, child support, child custody, and alimony, to name a few. An especially important issue is that of the house. When a couple owns a home together, what happens in the event of a divorce? This can be an overwhelming thought. After all, a home can be extremely sentimental, and it can be hard to consider giving it up. Additionally, a home is often a couple’s largest asset. For these reasons, couples often have trouble determining what to do with the home. Below, you will find a few ways to handle the equitable division of your home.

What is Equitable Division?

Equitable division is how your assets will be divided in a divorce. It does not mean everything will be split down the middle, but rather assets will be divided by what is fair to each party’s situation. Below are some of the factors that come into play when deciding upon the division of assets:

  • The duration of the marriage
  • The health and age of each spouse
  • The income and potential future earnings of each spouse
  • How each spouse contributed to marital property
  • Any child custody considerations

How Does This Apply to a Home?

In the event of a divorce, a couple will have to make a decision about their home that is fair to both parties. There are three main ways to do this.

  1. Sell the home: a couple may choose to sell the house and share the profits.
  2. Arrange a buyout: one spouse may buy the other’s share of the assets in order to become the sole owner of the home.
  3. Continue to co-own: this arrangement is popular amongst couples with young children. In an effort to avoid displacing the children, a divorcing couple may choose to continue owning the home together. For the most part, one spouse will remain in the home and the other spouse will move out.

In order to determine which of these options is best, you will likely need to take part in a mediation. Mediation involves a neutral third party helping a couple work through the matters of their divorce. If mediation is unsuccessful, a decision about the house can be made by the court.

If you have any questions or concerns about what may happen to your home in the event of a divorce, contact our firm to discuss your case.

CONTACT OUR FIRM

Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.

Why choose our firm?

We have an excellent AVVO rating from our many happy clients

We will tirelessly pursue a favorable resolution to your case

We offer aggressive and effective representation

We treat our clients with the compassion, patience, and respect that they deserve

We have more than 20 years of dedicated legal experience

We have the legal knowledge necessary to help you obtain the outcome you desire

We tailor our practice to the representation of your divorce case

What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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