While every divorce is unique and has its own set of challenges, one thing they all usually have in common is the need to divide marital property. For some, this property may be items obtained during the course of the marriage — that one spouse or the other may wish to keep; for others, this can also include real estate. As many New York residents know, tackling real estate matters in divorce can be a challenge, and multiple factors may need to be considered before any decisions are finalized.
Real estate, unlike other types of marital property, cannot be physically divided between spouses. As such, coming to a common understanding as to what should happen with the property can take time. In some instances, one spouse may wish to keep the home, while in others, both may wish to sell and split any profits or accept any losses.
Before these decisions can be made, taking a hard look at post-divorce finances, mortgage options and the current home value will give couples a realistic view of the possibilities before them. Common issues affecting what will happen to the marital home include dealing with an underwater mortgage, the inability to refinance and remove one spouse from the mortgage, or the ability to afford the house payment on post-divorce finances. Whatever the case may be, failing to look closely at all the facts could result in a settlement that isn’t financially fair to one or both spouses.
New York couples who are faced with dividing real estate in divorce may seek guidance as to the best course of action to pursue. When all the factors are weighed, it is possible to reach an agreement that will be of benefit to each individual in the long-run. While working through this process isn’t necessarily easy, taking proper steps will ensure that both parties are satisfied with the end-result and prepared to move forward.
Source: nt.gmnews.com, “A house divided”, Erik J. Martin, Jan. 8, 2015