Many individuals often become attached to their homes because of the memories made in them. However, when a couple goes through divorce, they may have a hard time deciding what to do with that home. When it comes to addressing the house during asset division, New York residents have a few options.
If neither individual wants to keep the home, selling the property outright and splitting the proceeds may be the most common and sensible option. Of course, the split may not necessarily be even as the terms of the divorce settlement and other property division decisions could come into play. Therefore, individuals may wish to plan ahead as much as possible in order to determine how their finances could be impacted after the house is sold.
If only one party wants to keep the home, a buy-out could take place. The party with hopes of retaining the property could offer a monetary sum that satisfies the other party and allows that person to relinquish his or her stake in the home. Additionally, it could be possible for individuals to negotiate an agreement that involves allowing the party who does not want the home to obtain other assets if he or she relinquishes claim on the home.
If individuals have concerns revolving around their asset division and specifically how their homes might be addressed, they may wish to gain more information on what division options may work best for them. Each case depends on the parties involved, so there is not a single answer that works for everyone. New York residents may wish to discuss their concerns and hopes with experienced family law attorneys who could provide insight into the division process.
Source: myvalleynews.com, "How to avoid costly housing mistakes in a divorce", Mike Mason, Jan. 28, 2017