On behalf of Cobert, Haber & Haber Attorneys at Law posted in Divorce on Thursday, March 2, 2017.
Splitting up is already hard enough for many couples in New York without them arguing over real estate. Determining who gets to keep or sell the home is not easy, especially when there are feelings involved.
It is often easier to make decisions about major assets like real estate before marriage in a prenuptial agreement to minimize the amount of time and conflict that are involved. Many people do not think about what happens to these things until they are filing for divorce.
According to Forbes.com, couples should keep in mind that “real estate values fluctuate a lot.” The longer it takes for them to resolve their disputes and finalize their divorce, the more they risk their property values. Regardless of who is going to take over the property, both parties should get a real estate appraisal so they know how much their home is currently worth. They should also request their appraiser to do a historical value analysis so they can have a good idea of what their home was worth when they got married.
A professional appraisal can make it easier for separating couples to negotiate a fair divorce settlement. Options include one partner transferring their claim on the home to their soon-to-be ex-spouse so they can receive compensation for their share of the equity, selling the property and refinancing.
Of course, if the house was acquired before the marriage, there are issues that can affect either of their claim to it. Anything “acquired during the marriage” is often fair game, including home improvements, states The Orlando Sentinel. Issues regarding real estate and divorces are often quite complex. Couples who plan to divorce should examine their situations carefully so they can negotiate their divorce settlements fairly.
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