Figuring out how to divide monetary accounts in a divorce proceeding can be relatively straightforward. However, dividing real assets, like the family home, can be more difficult, as they are often treasured possessions. Here are a couple of tips for addressing the primary home during the property division process in New York.
Property division and the marital home
Two individuals who plan to get divorced may both want to keep their family home. However, before they opt to do this, they should ideally consider whether both of their incomes are needed to support the home. If the house is too costly for just one spouse to maintain, it may be best for them to sell the house and split the profits.
If the parties have young children, this may complicate the decision they make about their marital home. After all, one spouse may want to keep the home to give their children a sense of normalcy during the divorce process. However, it is still critical that the divorcing spouses make a pragmatic and rational decision about the house from a financial standpoint long term.
How an attorney can help
Navigating the divorce process can understandably be overwhelming. However, a family law attorney in New York can provide the guidance needed to make educated decisions about divorce matters such as property distribution, child custody and spousal support. Many times, the spouses opt for mediation, which tends to be less stressful than traditional litigation. The attorney will help a client to seek the most personally favorable outcome possible given the circumstances surrounding the divorce.