Making emotional decisions during divorce can unfortunately have negative effects on one’s finances long-term. This is especially true when a marital home is involved. Here are a couple of tips for determining what to do with the family home during a marital breakup in New York.
Some options
When married couples purchase homes, their houses are often their biggest budget item. This is why the marital home can quickly become an area of contention during divorce. One spouse might want to keep it and give the other spouse other marital assets equal to half of the home’s value.
This option usually only works if the person who plans to stay in the house can refinance the home’s mortgage into his or her name. It’s also important to be able to afford the home’s other ongoing costs, including property taxes and repairs. If this is not possible, it may be best to sell the home and divide the profits.
How a family law attorney can help
Property division can be overwhelming, especially for couples with high-value property or many assets. However, a family law attorney in New York can help a person going through a divorce make educated decisions about which assets to pursue and which ones to concede to the other party. The divorce attorney’s main goal will be to ensure his or her client’s rights and best interests are safeguarded during each stage of the legal proceeding.