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The family home may be main issue during property division

Now that the divorce papers have been filed, many New York residents may find themselves considering multiple aspects of the marriage dissolution process. One area that is often of particular interest involves property division. Because this distribution can have considerable impacts, many people often want to fight for their desired outcomes. One asset that typically garners a lot of attention is the family home.

There are many options for deciding what to do with a once-shared residence. For instance, one person could keep the home, and the other could relinquish ownership. If this is the route individuals wish to follow, the spouse retaining the residence could potentially refinance the mortgage in order to take over sole ownership and responsibility. However, parties may wish to remember that their single income could determine whether they qualify for the mortgage.

Another popular approach to dealing with the family home is to sell the property outright and split the proceeds. Selling the home allows the individuals to obtain monetary funds rather than a physical asset, and dividing these funds may prove easier than determining how to best negotiate for the home. Of course, each person's views on the piece of property could impact how he or she wishes to proceed.

Property division can often become one of the more drawn-out areas of the divorce process. This typically happens because individuals have difficulties negotiating who should remain the owner of what property. In this situation, an understanding of New York asset division laws and useful tactics could come in handy. Therefore, interested parties may wish to enlist the assistance of experienced attorneys.

Source: The Huffington Post, "How to Split Home Value in a Divorce", Holden Lewis, Nov. 28, 2017

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