Property division is a huge concern for couples going through divorce. Almost no other asset fuels as much concern as does the family home. This property can represent a storehouse of memories, a great deal of investment and cost, and a lot of sentimental value. When you are faced with decisions about keeping the family home or not, you need to know the options you have available to you.
First of all, you may consider selling the house. Perhaps neither you nor your spouse is able or willing to keep the house. While this may make times harder, uprooting a family, it can save you from paying expenses for a house you can no longer afford, and it can mean removal from a place that is simply too full of memories. Another benefit is that both you and your ex can split the profit from the sale and have liquid assets to help prepare you for your next steps.
If you are set on keeping the house however, you may be able to agree on a buyout. This means that you pay your spouse, or give him or her an additional portion of the marital assets, in order to buy your spouse's interest in the house. This can be an especially appealing option for custodial parents who want to change as little in their children's lives as possible. It is important to weigh the costs and benefits of owning the house on your own, however, as you will need to accurately determine whether you are in fact able to do this, and whether it is worth losing more liquid assets.
While obviously not a solution for everyone, some couples are able to agree on co-owning a house after a split. This can be for a short amount of time, a sort of prolonged buyout that enables one spouse to afford that option, or a way to hold onto the house until it can actually be sold for a profit. It can be an even longer arrangement if necessary, depending on your goals. If it is not feasible to create a buyout or to put the house for sale, then you and your spouse will have to clearly delineate how this co-owning will work; this will be an important business relationship.
If you need help deciding what the best options for your future are, or if you need legal representation to help you pursue one of these options, then contact the Meyers Law Group, P.C.
With an experienced Long Island divorce lawyer, you may be able to obtain exactly what you need to achieve success in your future. Do not wait to call; get time on your side when you contact us today.