Dealing with the marital home is one aspect of divorce that can be confusing. It can be difficult to know whether you should stay or go, and if your former spouse should stay or go. You are advised to consider all of your options, along with the pros and cons of each. This will allow you to make the best decision for your financial and personal situation.
Stay in the House Together
Your first option is to stay in the house with your former spouse there. This is often helpful if you have kids together, and if you both need a place to stay, since it can be expensive to move out on your own. This allows one or both of you to have some time to save up money to move out. Plus, if you would have trouble selling your home in the current market, this option lets you wait until a better time to sell.
Of course, this decision requires you to be able to live under the same roof as your former spouse. This can be tough for any couple, especially if you simply cannot get along. Even if you can, it is hard to move on with your life with your former spouse under foot. This is why you should think hard before making this choice.
Sell the Home Together
If you can sell the house without losing money, this is often a popular choice. It is simple and means you can both move on, usually each taking half the profit. Just be sure to take all the fees into account, such as the real estate agent’s fees, closing costs, and any taxes that you would have to pay. Then split up the profits equally if that is part of your agreement.
Let Your Ex Buy Out Your Share
If you want to stay in the home, you can always ask your former spouse to buy you out. You will probably need some help figuring out what his or her share would be, and a divorce lawyer can often help you with this task. Few people can come up with the money to buy their ex out right away, though, so you may have to create a payment plan. Before you agree to this kind of offer, make sure you can afford the mortgage and utilities alone until you get all the money you need from the deal.
Buy Out Your Ex
If you prefer to leave the house, you can arrange to buy out your ex’s share. You can either provide a lump sum or make payments, depending on your financial situation and your former spouse’s needs.
During the pendency of a divorce in New York, a Judge cannot force the sale of the marital residence. Only at the end of a case in New York, can a judge order the house sold. Generally, if there are school age children living in the house, and the custodial parent is capable of paying the carrying costs of the home, most judges prefer to allow the children to remain in the home until they graduate high school, and then order the house solds. This is more typical when the kids are in middle or high school.
No matter what decision you make, you need to make sure your ex agrees to it. You will likely need the help of a New York divorce lawyer to make this work, so call Brian D. Perskin & Associates PC