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What happens to the family home in a New York divorce?

| Feb 25, 2021 | Property Division

When a person is going through a divorce it is often one of the worst times of their life. A divorce is incredibly hard both emotionally and financially. There can be many contentious issues that a couple needs to work through during the divorce period, including child support, child custody, and property division. What happens to the family home is often something that many people wonder about.

There are some possible options that a couple can choose for their family home in the event of a divorce.

  1. Sell the home. Often a couple will choose to sell the home. In this scenario the couple tries to get as much money as possible for the home and then will split the proceeds.
  2. Divide large assets. If a couple owns multiple large assets, such as a vacation home, family home, or a large stock portfolio, they can just agree to divide those assets with each person taking something worth roughly the same amount.
  3. Buy out the other spouse. In this option one person would buy out the other spouse’s share in the house and refinance the mortgage with just their name on the title.
  4. Co-own the home. Sometimes a divorce couple will choose this option to maintain stability for their children. A couple would then decide how long they will hold on to the house, how mortgage payments will be split, when they’ll be paid, and who receives the proceeds when the house sells.

A legal professional who is skilled in New York divorce can help their client through this tumultuous time. They can offer advice so that their client can make an informed decision, keeping in mind that many decisions can have a lasting effect on their future.