In dissolution of marriage proceedings inside the state, a major level of rivalry usually includes the disposition of actual property. The willpower of which social gathering retains possession of the first residence isn’t a easy matter. A number of components affect this determination, together with the classification of the property as marital or separate, the monetary contributions of every social gathering towards its acquisition and maintenance, and the perfect pursuits of any youngsters concerned.
The distribution of property in these circumstances goals for a simply and equitable end result, not essentially an equal one. Retaining the household residence can present stability for youngsters, however it should be weighed in opposition to the monetary implications for each events. Issues embrace the flexibility of 1 social gathering to refinance the mortgage, the tax penalties of transferring possession, and the potential for offset by means of different property within the marital property. Traditionally, courts have thought of the contributions of each spouses, whether or not monetary or non-financial, to the buildup of marital property, recognizing that homemaking and childcare are precious contributions.
