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What impact will owning homes in two states have during a divorce?

On Behalf of | Jun 25, 2022 | High-net Worth Divorce |

If you own homes in two different states, it can have a large impact on your divorce. You have to understand how each state handles divorces and the laws governing them.

The New York Times reported that you may be able to choose in which state you will file your divorce if each of you lives in each of the homes. To do this, you need to make a few considerations.

Asset division

You need to make sure you know how the states each divide property and how that will affect your situation. For example, a community property state divides assets in half, but an equitable division state will divide them fairly, which might not mean a 50/50 split.

Taxes

Taxation may also be different in each state, which can impact some of your assets. It is important to do the calculations and figure out which state is more favorable when it comes to taxes you may have to pay.

Practices

You should look at past divorce cases to get an idea of how the courts in the state generally tend to rule. Some states may favor one party over another. You may find in a situation like yours, one state is a better option because the courts tend to rule in the favor of the party more like yourself.

When making decisions about where to file your divorce, you should understand time is of the essence. If your spouse files before you, then you lose your chance to make the choice that best suits you. So, you should work quickly with professionals who can help you make the decision as fast as possible.