When it comes to divorce, many people wonder what will happen to their family home. Read on to learn more about the process of equitable division in Massachusetts.
What Happens to My Home After a Massachusetts Divorce?
To understand what will happen to your home in the event of a divorce, you should first know the difference between separate and marital property. Separate property is property that was acquired before the marriage, or during the marriage but purposely kept separate from the other spouse. Marital property is property that has been acquired during the marriage. It is important to know that separate property can become marital property. For example, if you purchased a house before your marriage, but your spouse moved in and made mortgage payments, the home becomes marital property. If your house is considered separate property, it is up to you to decide what happens to the home. But, if it is marital property, as most homes are, you will have to divide it one of the following ways:
- Selling it: many couples sell their house and then split the profits, equally or unequally depending upon the situation.
- Arranging a buyout: in some cases, one spouse will buy the assets of the other spouse, becoming the sole owner of the home.
- Continue to co-own the house: this is a popular option amongst couples with young children. Many parents do not want to move their children out of their homes. Instead, one spouse will reside in the home, the other spouse will move out, and the divorced couple may sell the house later down the line.
If a court is determining what will happen to a home in the event of a divorce, they will consider the following factors:
- The duration of the marriage
- Health and age of the parties
- The standard of living
- The earning capacity and income of the couple
- The value of marital assets
If you have any questions or concerns about what happens to a family home in the event of a divorce, our firm is here to help. Reach out today to speak with an experienced and dedicated divorce attorney.
Contact our Firm
For over 30 years, The Law Offices of Cynthia L. Hanley, P.C. has provided quality legal support and representation for clients in Bristol County and all of Massachusetts. Our firm’s experience eases the stress of clients while providing the legal services they deserve. If you need help through a contested divorce, contact The Law Offices of Cynthia L. Hanley, P.C. for a consultation today.