One of the most common questions in a divorce is what happens to the marital residence. The most common answer is that the house gets listed for sale immediately upon the execution of a stipulation of settlement, and at which time the house gets sold and the parties share the proceeds equally.
Another option is one party may buy out the other party’s interest in the residence. And another common answer is if there are assets equal to another party’s interest, one party may keep an asset and the other party may keep the marital residence.
Lastly, if there are children in a case and the children are 13 or 14 years of age, it’s possible for the custodial parent who’s going to have custody of the children to stay in the house until the youngest child graduates high school. However, that party must be able to show that with their own income, child support and maintenance, they would be able to pay the carrying charges, including the mortgage and taxes, during that period of time. After that period of time is over, the house would then be listed for sale and the proceeds would be split equally.
For a free consultation regarding a divorce or family law issue in Suffolk or Nassau County, please contact us or call (631) 337-1977. We look forward to speaking with you.