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How Is Your Home Treated in the Division of Property During a Divorce?

Posted on | August 4, 2011 | No Comments

For family law and divorce representation throughout Suffolk County and Nassau County – call attorney Shawn Kassman at 631-232-9479

You face a divorce, and one of the questions you have is what will happen to the family home? The answer is: It depends.

However, before embarking on a legal query regarding how the courts will treat your home, you should first perform your own analysis. Your self-analysis should include questions regarding the feasibility of keeping the home, i.e., can you afford the home after a divorce or should the home be sold?

Some of the questions you should ask yourself include:

  • Is the home too big?
  • Is this the area I want to live?
  • If you have children, school should factor into the equation, including location and school systems for younger children.
  • Is the neighborhood safe for children and/or single parents?
  • What are my alternatives?
  • How much money will I need to maintain the home, including mortgage, utilities and other household expenses?

Once you have performed a self-check on your position regarding the home, the next question is whether an agreement can be negotiated or whether the courts will need to decide the fate of your family home.

Whether a judge will allow you to keep the family home will likely depend on a number of factors, including the following:

  • Are there dependent children involved, still living at the family home?
  • Who will have primary custody of the children?
  • How much debt and equity is in the home?
  • Is the home marital property?
  • If the home has equity, how will the other party be compensated?
  • Do finances permit for the maintenance, insurance and mortgage payments?
  • What is your spouse’s position regarding the home?

Keep in mind, a judge can award the home to either party or order the home sold and the proceeds divided. Also, in today’s economy, many couples need to worry about the debt on the home, i.e., in some cases the home is worth less than the amount owed. In this situation, you will want to consult an attorney who understands divorce and debt relief (such as bankruptcy) to fully understand your options and the benefits and limitations of your choices.

An experienced divorce attorney can help you explore and understand your options, and may even be able to find alternatives that may work to everyone’s benefit. If your debt is greater than the money you owe on your house (negative equity), an experienced lawyer can also factor your situation into your options. No matter what your situation looks like, you will want to obtain the advice of an experienced family law attorney and divorce lawyer to put yourself in the strongest possible position.

Contact Suffolk County, New York, Family Law Attorney Shawn Kassman

If you own a home and are seeking or involved in a divorce, and you are from Suffolk County or Nassau County, you can obtain guidance from experienced family law attorney and divorce lawyer Shawn Kassman, or a member of his legal team, by calling 631-232-9479 (toll-free 888-545-2944) or filling out our online intake form. We are available 24 hours a day, 7 days a week and assist clients from our locations at Central Islip (main office location), Holtsville (office location) and represent homeowners throughout Bayshore, Brentwood, Oakdale, Sayville, Port Jefferson and Riverhead and both Suffolk and Nassau counties. Our Central Islip law offices are conveniently located down the street from the courthouse and we can assist you with your family law or divorce matter during your time of need.

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