Spouses preparing for divorce often have many questions about the future. They worry about how long the divorce may take to finalize and how much the process might cost. They may also aspire to protect certain assets or avoid responsibility for certain financial obligations, like a spouse’s student loans.
For couples who purchased a home during marriage, The equity accrued and the possession of the home itself can be points of contention during divorce proceedings. People want to keep their homes or at least ensure that they receive an appropriate amount of home equity. Concerned people may warn those on the cusp of divorce that moving out of their home could affect their rights later in the divorce.
Do people have to continue living with their spouses to protect their interest in their marital home?
Property division laws protect both spouses
Equitable distribution rules help protect people from unfair asset distribution outcomes. Typically, the state does not approach major assets with a winner-take-all policy. Instead, judges settling conflicts related to asset distribution typically look at a variety of factors and then find a fair way to split up both shared property and marital debts.
Home equity is often one of the largest assets in the marital estate. Each spouse typically receives a fair portion of the equity accrued at the property or other assets that represent a comparable amount. The decision to leave the home for peace or security during a divorce does not automatically eliminate one spouse’s interest in the property.
Of course, leaving the home could create challenges for those who want to retain possession or the right to live at the home after the divorce. Even then, it is sometimes possible for those who leave for the sake of comfort and expedience during a divorce to secure the home as part of the property division process and regain possession later.
Those thinking about their largest assets may need help setting goals and developing a reasonable strategy before they go to family court or sit down to negotiate property division matters. Learning more about equitable distribution can help people feel more confident with the choices that they make for their comfort and safety during a divorce.
