If you and your former spouse own property jointly, you’ll need to determine what will happen to your family home during divorce. Property is one of those assets that cannot be easily divided, so either the family home must be sold, one partner must assume responsibility for the mortgage, or one partner may need to buy out the other partner’s share in the home. Other solutions can include co-ownership of the home or “bird nesting” where the children remain in the home and both parents split time in the house. Yet another solution can involve one partner giving the other partner other assets in exchange for one partner keeping the family home. The Elliot Green Law Offices are Brooklyn, New York divorce lawyers who can help you navigate some of the bigger challenges that divorce can raise, especially when it comes time to divide the family home during divorce.
Is the Home Marital Property or Separate Property?
In almost all cases, a home you purchased with your partner after your marriage will often be considered marital property, unless there is a prenuptial agreement in place. But what happens if the home was owned by one partner, or if the home was one partner’s property before the marriage? What happens if you contributed to your partner’s mortgage or helped make improvements on the home? This is where the marital property and separate property distinction can get complicated. The home might be considered marital property if both partner’s names were added to the deed. But if only one partner’s name appears on the deed, then distinguishing between one partner’s property can get complex. The Elliot Green Law Offices are Brooklyn, New York divorce attorneys who may be able to assist you with navigating the process and with determining whether the family home is subject to division during your divorce.
Using Assets to Counterbalance One Partner’s Keeping the Family Home in Brooklyn, New York
If you and your partner have significant wealth, or other assets such as retirement accounts, bank accounts, investment accounts, or savings accounts, the Elliot Green Law Offices are Brooklyn, New York divorce lawyers who may be able to assist you and your partner with splitting assets in a manner that allows both parties to leave the marriage with a fair share of the marital estate. You and your former partner may need to get your home appraised first, to understand what a fair market value of your home might be. When dividing investment accounts and retirement accounts, you’ll also need to consider the tax implications of each asset. When it comes to dividing assets during divorce, some assets are more valuable than others. For example, you and your partner may be eligible for certain exceptions when selling a home or other property. When deciding whether to keep the family home or to take other assets as part of your divorce agreement, you may want to consider factors like the cost of maintaining the home as a single person and the tax obligations you might have. New York property taxes can be quite high, so it is important to take this into account. Another issue to take into account are condominium and co-op fees and monthly dues. If you have sufficient assets, splitting assets in this manner can allow your divorce to be finalized more quickly. However, it is important to take the time to speak to a qualified divorce lawyer like the Elliot Green Law Offices in Brooklyn, New York.
Buying Your Partner’s Share in the Home
Couples who each have their own wealth and savings from before the marriage or those who have inheritance may be able to simply choose to have one partner buy out the other partner’s share in the home. Again, the home may need to be appraised and the partner buying the other party out will generally pay for half the value of the home. Before choosing this option, the partner keeping the home will need to assess whether they can afford to maintain the home on their own. The Elliot Green Law Offices are Brooklyn, New York divorce attorneys who may be able to assist you if you are considering getting divorced.
Selling the Home
In many cases, each partner cannot afford to maintain the home alone. In this case, the home might be sold. Selling a home when you’re not dealing with the stress of divorce can be challenging enough. But add to this process the stress of divorce, and things can get overwhelming. Putting your home on the market can be a stressful process, so it can be helpful to have your divorce lawyer help you navigate the process. Contact the Elliot Green Law Offices in Brooklyn, New York today to learn more about your options during divorce.
Co-Ownership and Bird-Nesting
Sometimes none of the above options make sense for divorcing couples. More and more divorcing couples are choosing to co-own their homes or bird nest. With bird-nesting, the children remain in the family home, and the parents alternate spending time in the home with the children. The couple might rent a smaller apartment that they alternate using or each partner may have their own apartment and come live in the shared home during custody time. Other couples may move out of the family home altogether, but choose co-ownership. They may rent out the home, or one partner may pay the other’s share in mortgage or rent. If you are thinking of choosing co-ownership as part of your divorce settlement, the Elliot Green Law Offices are divorce attorneys in Brooklyn, New York who can help you find an arrangement that works for you.
Dividing a Condo or Co-op During Divorce in Brooklyn
Dividing property in Brooklyn, New York can be challenging if you own a condo or co-op. For example, selling a co-op may require approval of the board, which can delay your divorce process. If you need assistance with dividing property and assets in Brooklyn, New York, speak to the Elliot Green Law Offices. Our divorce lawyers can review your situation, help you understand your rights, and assist you with finding the best solution to resolve your divorce as quickly as possible.