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If My Name Isn’t On The Mortgage Or Deed But We Bought The Home Together During The Marriage, Is It Still A Marital Asset In A Brooklyn Divorce?

Yes, when property is purchased during a marriage, it is typically understood to be marital property even if only one spouse holds the title or is listed as the holder of the mortgage.

As such, your home will be subject to the rules of equitable distribution, which means that if the house is to be retained by one of you, the other is owed at least part of their equity stake back, and if the home is sold, the profits will be distributed between you.

For most couples who divorce in Brooklyn, their home is their largest asset, and understanding how best to handle it is a major concern.

Some homes remain underwater from the bubble before the Great Recession, and selling doesn’t make sense.

In other cases, one spouse may wish to retain the home to give their children stability through the divorce process, which may create the need for ongoing financial support.

In all cases, a marital home is subject to claims from both parties.

Call the experienced Brooklyn divorce attorneys at Zelenitz, Shapiro & D’Agostino today at 718-925-9601 to learn about your options when it comes to handling a marital home during a divorce in Brooklyn.

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