Divorce

Who Gets the Apartment In A Divorce?

By
Martin Mohr
on
March 7, 2022

Buying or building a home in New York is no easy feat. So, when you decide to divorce, the biggest question is who gets the house? Generally, New York law advocates for equitable sharing of marital property in a divorce. Meaning, everything acquired during your marriage, including your apartment, has to be split between you and your spouse.

However, the process of determining who gets to stay, who moves out, or who pays what can be challenging. This becomes even more difficult if there are children involved. The New York Family Lawyers Group can help protect your interests in the apartment. The possible common actions include:

Sell The Apartment Before Separation

The most straightforward way is to sell the apartment and share the equity with your spouse. If neither of you wants to retain the house and you both want a fresh start, then selling the apartment is an ideal option.

However, if there are kids who are still under your care, this option might not work well with them, given that they're already facing a significant crisis in their lives. Fortunately, there are better ways to navigate the story. When children are involved, the court will often decide the apartment to be retained by the custodial parent.

You'll both retain the ownership of the house, but you can sell it later when the kids are all grown. While this is the optimum scenario for immediate emotional security, it has its own long-term challenges, especially in a rented apartment. You may also consider to:

Sell The Apartment While Separated

Although selling your apartment while separated isn't an easy thing to do, it is possible. However, you may not always agree on how or who will sell the house. That is why it helps to hire a professional attorney to help you make critical decisions regarding the process.

At New York Family Law Group, we have helped many clients settle their divorce cases, especially when the sale of an apartment is involved—we can assist you too.

Buy Your Spouse Out

Alternatively, you can consider the costs of keeping an apartment in New York. Ensure you understand everything involved in keeping the house, including maintenance, mortgage, repair, and possible taxes. Once you establish the cost per year, figure out what happens if you decide to sell it in the future.

If you are likely to gain financially, you may want to keep the house and sell it later. However, this makes sense only if both of you are comfortable with the decision. Otherwise, you'll have to buy out your spouse, and if you're unable to, then that may be a case for a judge to decide.

Need a Family Lawyer in New York? Get in Touch Today

If you're concerned about your apartment after divorce, you need a professional New York Family Lawyer to ensure fair property distribution. At New York Family Law Group, we understand the financial, emotional, and legal matters surrounding the assignment of your apartment. We will work with you side by side to protect what matters most to you. Please contact us online today or give us a call at 718-293-1542 to consult with our legal professionals.