Divorce is a period in life that can feel overwhelming. With so many different circumstances up in the air, it’s crucial to plan ahead so that you do not lose out financially. Property division is one of the most contested areas of divorce, but our divorce lawyer in Eastport is here to help. If you find yourself wondering if you will lose your house during a divorce, Simonetti & Associates would like to share some valuable information! Continue reading to learn more!
Will I Lose My House During Divorce?
Which spouse keeps the house following a divorce is often a highly complicated question, especially when both parties want to retain the home. Selling or keeping a house after a divorce can be a significant event, so it’s crucial to have sound reasons for keeping it and that it will best serve your financial interests. Unfortunately, not all families can maintain the exact lifestyle they had before a divorce. When the courts grant a divorce, marital property will be divided equitably between the two spouses. Marital property includes all property either spouse acquired during the marriage, regardless of whose name is on the title. This can include:
- Personal property such as furniture, artwork, cars, etc.
- Retirement accounts, securities, cash, and pensions that were acquired during the marriage.
- Gifts to each other.
Separate property can include:
- Personal property obtained before marriage.
- Real property owned prior to the marriage.
- Inheritance
- Compensation for personal injuries.
When it comes to deciding who gets the house in a divorce, you and your spouse can decide how it is divided, or a judge can decide for you. It’s best to work with an experienced divorce lawyer in Eastport to ensure an equitable arrangement that works for you and your former spouse.
Contact Our Divorce Lawyer in Eastport
At Simonetti & Associates, our divorce lawyer in Eastport understands how contentious and emotional the divorce process can be for our clients. While New York follows the rule of equitable distribution, this does not always mean the division is equal. For this reason, our attorneys work diligently to ensure fair property divisions. We will closely evaluate your situation to build the best case to support your rights. To learn more about property division and equitable distribution, be sure to contact Simonetti & Associates today and request a consultation.
