As a rule of thumb, if property was purchased during the marriage, it is considered a marital property even if only one spouse holds the title.
In a divorce, the value of the property, or the property itself, is considered an asset to be distributed.
While there are caveats and cases where this isn’t true, those are exceptions and fairly rare.
As a marital asset, the home will be subject to the rules of equitable distribution, which means that you have a claim on the value of the property.
How the home is handled in the divorce, and whether it is sold or retained, can be chosen by you and your spouse, or decided by a judge if no agreement is reached.
Judges typically order the home sold and the profits shared between the parties.
An experienced Queens divorce lawyer can help you fully understand your situation and what areas of negotiation can result in the best outcome for you.
Call the attorneys at Zelenitz, Shapiro & D’Agostino today at 718-523-1111 and talk to an experienced Queens divorce attorney for free.