Divorce is never easy, and one of the most emotionally charged and financially complex aspects is deciding what happens to shared real estate—especially the family home. For many couples, the house represents more than just property; it’s a symbol of stability, memories, and security. When facing the reality of dividing assets during a divorce, it’s important to understand your options and protect your interests. At Simonetti & Associates, an experienced divorce lawyer in Eastport can help guide you through these difficult decisions.
Who Gets the House?
New York is an equitable distribution state, which means marital property is divided fairly—not necessarily equally. The court considers various factors, including each spouse’s income, contributions to the home, custody of children, and future financial needs. If one spouse is awarded primary custody, the court may favor them retaining the home to provide stability for the children.
Options for Handling the Property
Couples have several choices when it comes to dividing real estate during a divorce:
- Sell the Property: This is often the most straightforward solution. Proceeds from the sale can be divided according to the divorce agreement or court order.
- Buyout: One spouse can buy out the other’s share, allowing them to keep the home. A professional appraisal is usually needed to determine the home’s current value.
- Deferred Sale: In some cases, spouses agree to keep the home for a set period, often until the children graduate high school, then sell and divide the proceeds.
What If You Can’t Agree?
If you and your spouse can’t come to an agreement, the court will step in to make a decision. This can be a lengthy and stressful process, which is why it’s always best to try to negotiate with the help of a skilled attorney.
Protect Your Rights
Real estate can be one of the largest assets in a marriage, and how it’s handled can have long-term financial consequences. Working with a knowledgeable divorce lawyer in Eastport ensures your interests are protected, whether you want to keep the home, sell it, or negotiate a fair settlement.
Contact Simonetti & Associates To Schedule A Consultation
At Simonetti & Associates, we help clients throughout Suffolk County navigate the complexities of divorce and real estate. Contact us today to schedule a consultation and get the guidance you need during this critical time.
