You may consider your vacation home your ideal escape away from the hustle and bustle of your New York City lifestyle. So when already having to give up so much in your divorce from your soon-to-be former spouse, this may understandably be the one thing that you are reluctant to let go of. With this, you may want to do everything to convince the family court to keep it under your ownership. Well, for this, please continue reading to learn who might be granted your vacation home in your divorce and how an experienced New York City division of assets attorney at Zimmet Law Group, P.C. can fight for it to be you.
What makes my vacation home considered a marital property?
Your vacation home may be considered a piece of marital property if you and your soon-to-be former spouse jointly invested in it while you were already married. With this, it may be required to undergo New York State’s equitable distribution process. Here, the family court may make a fair and just decision on which of you should get to keep it.
This is to say that if you purchased your vacation home on your own before you married your spouse, or if you inherited it from a loved one, it may be deemed separate property. In short, it may not be up for grabs in equitable distribution proceedings, therefore allowing it to remain in your possession.
However, your spouse may attempt certain arguments with the judge and jury to change their perspectives. For one, your spouse may claim that they primarily used funds from their separate, personal bank account to pay for the ongoing mortgage payments. Or, they may state that they mainly performed necessary repairs and overall did the upkeep throughout the years. At the very least, they may be angling to get reimbursement for their monetary contributions and “sweat equity,” so to speak.
Who gets to keep my vacation home in a New York divorce?
If your vacation home is undeniably a piece of marital property, the New York State Family Court will look into several extenuating circumstances to reach an equitable outcome. Such circumstances read as follows:
- The role the vacation home plays in each spouse’s family traditions that they possibly observe with their children.
- The equity associated with the vacation home, possibly in comparison to that of the property of primary residence.
- The spouse more equipped to pay for the ongoing mortgage payments, utilities, property taxes, and maintenance costs on the vacation home.
- The child custody decision that was reached and whether the children would have to change their primary residence to the vacation home.
- The prenuptial agreement in place and whether it has a specific clause on what to do with the vacation home in the event of a divorce.
If you require legal representation, look no further than one of the skilled New York City matrimonial and family law attorneys. The client testimonials on our website speak for themselves, saying that you will not regret hiring the team at Zimmet Law Group, P.C.
