When a divorce happens, the couple must figure out which assets each party will take once they go their separate ways. If they can create an agreement, this part of the divorce will not take long to settle. However, as in many cases, if it is difficult for the divorcing couple to decide who gets what, a judge can decide for them.
One of the main types of assets that have to be divided is real estate. Generally, the real estate is the house or houses that were shared during the marriage. When a judge reviews a petition for divorce, there are a number of factors that are considered when determining who will get ownership of the home.
Dividing a House
As a judge is reviewing a petition for divorce, and deciding on property ownership, the following factors would be considered:
House value: The value of the house is essential because this will help the judge determine the equity and what amount the owner will acquire.
Children: It is in the best interest of the child to award the house to the parent that will take care of them; hence, their presence will be factored in the final decision.
Time of purchase: Depending on when a house was purchased, this could determine who will be awarded the home. If it were bought before the marriage, it would likely go to the person who purchased it. But, if it was purchased together after marriage, the judge will use other pieces of information to figure out how to divide the property amongst the couple.
Seek Legal Representation in Your Divorce
If you are preparing for a divorce, contact Pickney Law Firm for expert legal advice. Our team can help you through this complicated process and explain how property division related to your divorce will impact you. We will help you distinguish between separate and marital property to ensure you get what is rightfully yours.
Call Pickney Law Firm at (516) 565-5555 if you have a question about the property division process.