According to an old adage, home is where the heart is. This is true in many divorce cases, where the spouses cannot agree on who gets to keep the family home. Understanding all options related to the marital home is critical when dealing with property division during divorce in Bronxville and other parts of New York.
One option is for one of the parties to purchase the house from his or her future ex. Coming to an agreement on the property’s fair market value is the first step. The second step is refinancing, which may not be possible if the spouse interested in buying the house cannot qualify for the home loan.
A second option is to sell the house and then split the profits. The area market will dictate what the home’s value is, so this will likely not be an area of dispute for the couple. Rather, the challenge the couple may face is accepting the fact that selling their marital home is necessary. The final option is to keep the house and operate as co-owners. In this situation, every contingency related to maintenance and taxes, for example, must be included in detail in a post-divorce co-ownership agreement, which is essentially a contract for real estate ownership.
Although the marital home can be a major source of contention, other assets can also be complicated to split. These include retirement accounts and other potentially high-value assets. An attorney in Bronxville can help with pursuing a personally favorable divorce settlement that reflects one’s property-related wishes.
Source: nerdwallet.com, “How to Untangle Your Finances in a Divorce“, Bev O’Shea, Hal Bundrick and Dayana Yochim, June 23, 2017