As the economy continues to drag along and the real estate market struggles to recover, divorcing couples can face additional problems relative to property division in settlement discussions.
For many divorcing couples, the family home is often the most valuable marital asset—and financial and employment issues may preclude them from supporting two households. It may also be difficult or even impossible to sell the marital home given current real estate market conditions.
Finding alternative solutions
In the past when one of the spouses chose to give up their interest in the family home in exchange for other assets it was usually a workable solution to property division. Currently, many residential properties are valued below the value of the mortgage, which can confound the goal of equitable distribution—adding further stress to the divorce settlement process.
If selling your home is not a workable solution, then considering alternatives may necessary. Possible solutions you can consider may include:
- Maintaining the family home for your kids under alternate living conditions
- Taking on a boarder or roommate to share and reduce expenses
- Renting or living with extended family to defray expenses
- Living under the same roof but separately until the real estate market recovers and you can sell the home
- Purchasing two smaller homes, by using joint credit
- Leasing the family home to a third party to cover the mortgage, taxes and costs until the real estate market recovers
Finding the right solution for you
Today’s economical challenges can make property division more difficult. An experienced New York divorce attorney can help you determine the best solution for your circumstances. Contact a NY divorce attorney to discuss how to handle your property division matter today.