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New York divorce: What to do with the mortgage?

When getting a divorce, whether in New York or elsewhere, there are a lot of decisions that have to be made. Some may be fairly simple, but others can be really difficult. The property division aspect of divorce, in particular, can lead to a number of arguments and require a bit of negotiation. After all, how assets are split can not only affect other aspects of divorce settlements — such as alimony and child support — but can affect one’s future financial standing as well.

One of the biggest assets a couple will have to deal with in a divorce is the marital home. While there are those couples whose homes are paid off, a good majority of couples share mortgages. What is the best way to handle such a significant asset?

The truth is that the answer to that question will be different for every couple. For some, selling and splitting any proceeds is the best option. This allows both parties to walk away from the property without having any further legal obligation to continue making payments. In other cases, one spouse may want to keep the property. When this happens, that spouse may need to buyout his or her ex, so that exes obligation to the mortgage is removed.

Whether selling the home or keeping it, one will need to look toward the future to decide what is best for his or her situation. With legal assistance, divorcing couples in New York can make the best decisions regarding what to do with their mortgages. Further help and guidance can also be provided for other property division and divorce concerns.

Source: Time, “What Happens to Your Mortgage in a Divorce?”, Ashley Eneriz, March 29, 2016