During divorce, spouses are often eager to start living separately from one another. They also need to make arrangements to separate their finances, which involves splitting their shared assets and accounts.
Major joint resources, such as the home where they live together, can become a point of contention during divorce and property division negotiations. Some people are afraid to leave the marital home, as they do not want to undermine their claim of joint ownership and their right to a portion of equity.
Can a decision to leave one’s marital home affect property division proceedings?
The law protects both spouses
The right to a share of home equity does not stem directly from active possession of the property or living at the home but rather from the use of marital income to purchase the property and pay the mortgage. Spouses generally retain their right to joint ownership and a portion of equity even if they make the difficult decision to leave the marital home during the divorce for their own peace and safety. In fact, spouses who leave can sometimes even regain possession and may eventually move back into their marital home after the divorce.
People may need help understanding equitable distribution rules and determining what their marital assets are worth as they prepare for divorce. They may need an advocate while negotiating the retention of key assets, the division of financial resources and the responsibility for marital debts during the property division process. Working with an attorney makes it easier for people to push for the best property division terms possible at the end of a marriage.