Assuming the property isn’t a separate asset that was purchased by one party prior to the marriage, it will be subject to what is known as equitable distribution.
If the apartment is a separate asset, then it is the property of the spouse who brought it into the marriage.
Under equitable distribution rules, the judge will want to see a solution that meets the needs of both parties, but there are countless variations possible depending on your circumstances.
In many cases, an apartment will be sold and the profits divided between the parties.
In others, especially where there are children, the couple may choose to develop a plan to retain the home so that kids can remain in their schools and with their friends, sometimes for many years.
These are matters that can quickly become complicated, and there are significant financial ramifications for a poorly-drafted agreement that doesn’t consider all the angles.
The attorneys at Zelenitz, Shapiro & D’Agostino protect our clients’ financial interests and ensure a fair and complete settlement when it comes to valuable assets like homes.
Call us today at 718-523-1111 to speak to an experienced Queens divorce attorney for free.