Going through the process to end a marriage has many steps. New York residents will have to make numerous decisions on various divorce topics, and when it comes to dividing property, there may be particularly difficult choices to make. One of the more emotional issues for some parties may be deciding how the family home should be addressed.
In some cases during division proceedings, individuals will agree that one party can maintain ownership of the home. How this result comes about may be entirely up to the individuals involved and their specific circumstances. A common method is allowing one party to keep the home by buying out the other individual's share. An appraisal of the home may prove useful during negotiations in determining the amount to which one individual may be entitled when it comes to the buyout.
On the other hand, the individuals may choose to sell the home altogether. This decision may be emotionally taxing as there is often much sentimental value placed on a home. However, the monetary value of the home may play a bigger role in division proceedings. Determining how the money from the sale of the home will be divided may be a prominent concern.
Some individuals may wish to fight harder for their homes than other parties, but whatever the case may be, the ownership could hinge on property division proceedings. Therefore, New York residents may want to determine how they could potentially negotiate in order to work toward the outcomes they desire. Experienced divorce attorneys may be able to help concerned parties in their endeavors by providing reliable and useful information.
Source: nerdwallet.com, "Deciding What to Do With the Family Home After Divorce", Mary Ballin, Oct. 31, 2016