You and your ex will probably butt heads about many different issues during your divorce. From the right way to alternate holidays with your children to what is fair regarding your retirement accounts, you might have many significant disagreements before the courts finalize your divorce.
If both of you want to stay in your marital home, that will undoubtedly complicate negotiations. If a judge decides that your ex gets to stay in the home that you bought together, does that mean that you will lose out on your investments to the property and contributions to its current value?
Property division is not a winner-take-all process in New Hampshire
Although you have likely heard some horror stories from people about a hard-working parent getting kicked out of their home and losing everything in a divorce, that is not how property division works in New Hampshire. State law requires an equitable or fair approach to dividing your property.
You and your spouse will have to provide the court with information about your finances and your personal property. A judge will look over the information about your resources and your marriage to decide what is fair when it comes to splitting up your assets and your shared debts. Your custody order can also influence who the judge lets stay in the home.
Your marital home may become the possession of one spouse because you won’t want to live there together after the divorce. Still, you can count on receiving your fair share of its value.
You don’t need to live in the house to share its value
Determining the current fair market value of the home allows you to request your fair share of its worth, even if your ex will live there. What you paid for the house is likely less than its current value unless you have only been there for a short time, particularly in today’s busy real estate market.