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A couple’s home is often the largest asset they own together. It stands to reason that when a marriage breaks down, deciding what to do with the home deserves careful consideration. There will be many divorce decisions.
The first thing you must understand is that New York is an equitable property division state. Equitable property division means that property is divided fairly but not always equally. When deciding property division, factors include how much each spouse contributed to their marital estate and what each spouses needs to survive once divorced.
Sale. You can sell your home and divide the proceeds.
Delayed sale. One spouse can stay in the home while raising the children and after the last child graduates high school or college, the couple can sell the home and divide the proceeds at that point.
Buyout. One spouse can pay the other spouse half of the home’s equity and continue to make mortgage payments and keep the home.
Mortgage payments. When temporarily keeping the home, the settlement can address what mortgage payments both spouses make on the co-owned home.
Taxes are also important to consider. Factors include capital gains tax exemptions, buyout tax payments, and taxes when co-owning a house and selling it later. It is wise to consult with your tax advisor and explain the financial details involved with your divorce. Your lawyers can also take taxes into consideration when negotiating a fair property division settlement.
Whatever issues you face regarding divorce decisions, Long Island divorce attorney Chris Palermo will work closely with you to address all aspects of your divorce.