Couples often ask who gets to keep the home after filing for divorce? This one of the most significant points of contention in divorce cases and is often the source of many an argument. When spouses see eye to eye on the terms of their divorce, they find that they can resolve their cases much more quickly, such as in an uncontested divorce.
However, the marital home, especially if there are children involved, is one of the most involved aspects. How do you resolve this matter? Moreover, who decides on who receives the home? This is decided on by the laws of equitable distribution
What Does Equitable Distribution Mean?
Everything that is acquired during the marriage is considered marital property, which was purchased with assets shared between spouses. The only items that would not be considered marital property are any purchases that one spouse made on his or her own before getting married, as well as any inheritances or gifts that have been passed down exclusively to one spouse.
Here are other exceptions to marital property:
- Any properties that was exchanged before the marriage
- Property acquired by one or the other spouse after legal separation
- Property that was stated as being excluded from marital property in a prenuptial agreement
- Any interest or increase in value of properties that were acquired before the marriage
Keep in mind, if at any time, marital funds were used to add value to the properties, it invalidates any separate property, and thus it becomes marital property. Here is an example: let’s say you bought a home solely under your name before getting married. That house belongs to you. A few years down the line, you and your spouse add on to the home, increasing its value. Now, the house has some marital property invested into it.
Have Questions? Contact Us!
At Smith Law Offices, LLC, our St. Charles divorce lawyer knows that the laws can be difficult to grasp. That is why we can help demystify some of the complex legal language and help you understand exactly what your rights are. We treat our clients just like they were our own family; we are a husband and wife, committed to providing only the highest quality legal services.
Give us a call today to discuss your case! We offer free initial appointments.