The marital home is typically the primary residence where the couple lived during their marriage. As a marital property, it is subject to division when they divorce.
The definition of a marital home can become complicated in cases with multiple properties, mainly because it often represents the couple’s most valuable asset.
The marital home can influence the divorce settlement
There are factors to consider when determining which is your marital home, such as:
- Primary residence: Which residence did you use as your primary home? Where did you spend most of your time together?
- Length of occupancy: How long did you occupy each residence, and which one did you occupy for the longest period?
- Financial contributions: Which residence did you contribute to financially through mortgage payments, property taxes and maintenance?
- Intent: Did you intend for a particular residence to be your marital home, as evidenced by documents, such as deeds or wills?
- Children’s residence: If you have children, which residence did you primarily reside in with them?
In some cases, couples may have more than one marital home. For example, a primary residence and a vacation home could be marital properties if the couple both acquire or improve them during the marriage.
High net worth couples with multiple residences need to evaluate each property to determine whether it is separate or marital. The courts may include the value of the residence deemed as the marital home when calculating spousal support. The sale or transfer of the property may also have tax consequences.
Seeking legal help is crucial for a fair asset division
The concept of a “marital home” might seem straightforward, but it can become a complex issue in divorce proceedings. It can be beneficial to ask for guidance from a qualified legal professional to make informed decisions that align with your specific circumstances.
