Who gets net proceeds from the sale of my home in the event of a divorce?

First, it’s important to remember that if you purchase a house during the course of your marriage, whether YOU purchase it, YOUR SPOUSE purchases it, or you purchase it together, is a marital asset. That means, it belongs to both of you. Even if your name is not on the title, it doesn’t matter. The house is a marital asset.

Any mortgage payment, whether paid by you, your spouse or the two of you together, is a marital payment, even if your spouse pays 100% of the mortgage. So, when the house sells, you will be entitled to 50% of the net proceeds from the sale of the house, which basically means that after all expenses such as real estate commission, repairs, transfer fees, mortgage balance payoff, attorney fees, etc. are paid, the proceeds from the sale of the home can then be divided equally.

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