While the many aspects of a divorce can be somewhat complicating, it is often true that the division of the property can be among the more difficult things to divide between you and your soon-to-be ex-spouse. Some couples may simply be sharing a leasing agreement with their spouse, making it easier because they don’t own the property. However when the couple owns a residence, this can often add fuel to the contention that the couple will experience in their divorce.
Fortunately, not all couples are going through an extremely contentious divorce, and with the help of their attorneys they are often able to reach an agreement for the division of their property without having to take one another to court. This may be reached simply through discussion or by mediation. When a couple is able to avoid court to divide their assets, work through the matters of child custody, etc. it will not only save them time, but money as well in the long run. Not only will they avoid additional court fees for litigation, but when a couple is willing to work out an agreement, often times both parties will leave with a fair settlement on who gets what; ultimately saving them money in the long run as well.
Unfortunately, when a couple is forced to go into litigation because either party is unwilling to compromise with the other, this will lead to having the judge determine who gets what in your divorce. When dealing with division of your property, it is important to realize that every state is different when it comes to these particular laws. Even in the state with ‘community property” or “equitable distribution” laws, there is no set in stone manner of doing things, and no typical type of ruling that can be expected in court. The benefit to coming to a divorce agreement between you and your spouse outside of court is that you are able to choose to split things however you want, even if it is different that your state division laws. As long as you two can agree, then the terms on the contract will be legally binding.
In the event that you and your spouse signed a nuptial agreement (either pre or post) then this contract will also be a deciding factor in how your property is going to be divided when you divorce. A nuptial agreement allows you and your spouse to essentially divide your property before you two get married, or in the midst of your marriage by way of a post-nuptial agreement.
Other crucial factors that are taken into consideration for the division of your residence will depend on how long you and your spouse have been married, each spouses earning capacity, how much each spouse contributes to the home financially as well as the age and health of both people. If the couple decided to purchase the home while they children, the court will take this into consideration when determining how to split the property depending on the terms of custody arrangements, etc. However, if there are no children in the picture that are considered as minors, then the court will be more likely to equally or fairly divide the property between the spouses.
If the home was purchased by the spouses during the time of their marriage, it is very possible that they share equally in the equity of the home. If this is the case, they may agree that for a remaining number of years one spouse lives there and the share in the equity, and then eventually they will sell it and split the value together. There are a number of options available to you, which is why it is so important to contact legal representation to help you along the way. If you are looking for a Long Island divorce lawyer, please do not hesitate in contacting The Meyers Law Group day for further information regarding the division of your property and any other divorce and family legal matters.
Our firm is equipped to help people who are seeking to file for a divorce, or have concerns with the legal ramifications of agreements regarding their divorce, even years down the road. Whether it is matters of your property division or custody arguments, our legal team here is prepared to walk with your every step of the way. Please call us today for more information, we would love to help you with any of your family legal needs.