A person's home typically acts as a place of security and comfort. Because many memories are often made in the family house, a strong attachment can commonly form to this piece of property. However, when a couple decides to divorce, the home could become a point of contention when it comes to asset division.
Typically, either of two options works best depending on the specific circumstances for New York residents. When dividing property, some individuals may choose to simply sell the home and deal with the resulting proceeds or losses. Proceeds could come with certain tax implications; therefore, individuals may wish to consider how taxes could affect them financially and with other aspects of their property division. If the selling of the home resulted in losses and remaining mortgage balances, individuals would also need to determine their best options for handling the remaining payments.