The issue of temporary possession of the marital residence while a divorce is pending in many jurisdictions will be determined by the Court based upon the relative needs of the parties and their financial conditions and status. In most jurisdictions there is no simple answer to the question as to how to divide the equity in the marital residence. Property acquired before marriage generally is not considered to be marital property. Property acquired during the marriage generally is considered to be marital property subject to equitable division. However, issues regarding the increase or decrease in the value of the property, the source of funds used to purchase or improve the property, and other matters come into play in determining whether any portion of the interest in the property may be considered as a part of the marital estate subject to equitable division or is completely separate property belonging solely to one spouse. Also, in most jurisdictions all of the assets of a party are generally subject to a claim for alimony by the other party. You need to consult with a competent and experienced family law attorney regarding these matters.
Answered on Aug 30th, 2012 at 10:11 PM