One of the most significant decisions couples face during a divorce action is what to do with the marital residence. The fate of the marital residence is almost always a point of contention during divorce proceedings. New York follows the principle of equitable distribution when it comes to dividing marital assets during a divorce. Equitable distribution means that the court will strive to divide property fairly, taking into consideration various factors such as the duration of the marriage, each spouse's financial contributions, and the future financial needs of each party. The Court may take the following factors into consideration when deciding whether or not to sell the martial residence:
1. The children: If there are children involved, the court may prioritize providing stability and a suitable living environment for them. In some cases, the custodial parent may be awarded the right to remain in the marital home to ensure minimal disruption to the children's lives.
2. Financial stability: The financial stability of each spouse is a crucial factor. If one party can demonstrate the ability to maintain the home independently, the court may be more inclined to allow them to retain it. However, they more than likely will have to have enough financial stability to buy the other spouse out of the residence. This is sometimes daunting given the market prices in New York.
3. Settlement: If the divorcing spouses can come to a mutual agreement on the fate of the marital home, via Stipulation, the court is likely to honor their decision.
It is crucial for individuals going through a divorce to seek legal counsel to ensure their rights and interests are adequately represented during this emotionally charged time.