Who gets the house in a divorce?
This is one of the most common questions clients ask, and the answer usually comes down to three main options for the marital home.
Option 1: Sell the Home
The first option is for the marital home to be sold, with both parties dividing the net equity from the sale.
Option 2: One Spouse Buys Out the Other
The second and third options involve a buyout:
- The husband buys out the wife, or
- The wife buys out the husband.
In either case, one spouse pays the other a percentage of the net equity in the home.
To determine net equity, the home must be appraised. Sometimes each spouse obtains their own appraisal, but it is more common for both parties to agree on a joint appraiser. From the appraised value, the mortgage is subtracted, and the resulting net equity determines the buyout amount.
When Both Spouses Want the Home
Occasionally, both spouses want to keep the marital home. When this happens, the law looks to the equitable distribution statute. One key factor in this statute is the need of the primary custodial parent to maintain the home for the children.
If the matter cannot be resolved between the parties, and it goes before a judge, the court will consider whether children are involved and whether the primary custodial parent needs to stay in the home for their benefit.
When No Agreement Is Reached
If there are no children involved and the spouses cannot agree on who should buy out whom, the judge may ultimately order the sale of the house. This ensures a fair resolution when neither side can come to terms on keeping the property.
At Townsend, Tomaio & Newmark, LLC, our seasoned divorce and family law attorneys ensure that through the process of resolving your family matter, you feel empowered, not overwhelmed. Providing unwavering support, undivided attention, and unflinching advocacy, our team invests in your cause, working tirelessly to pave your path toward a brighter tomorrow.
Attorney Advertising. This information is provided for entertainment purposes only. Since each case is different and laws and regulations change constantly in the legal world, this should not be construed as legal advice. Please note that online activity, interaction and/or communication does not form an attorney-client relationship.
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