For many spouses going through or contemplating divorce, their house is the primary or one of the primary assets that they own. Issues regarding real property can be complex, often necessitating the retention of a knowledgeable real estate attorney in Hauppauge New York. A real estate attorney in Hauppauge New York can help in the following ways:
A real estate attorney can explain the various options that a family has regarding the marital home. One option is to sell the home and split the proceeds. Another option is to keep the property, rent it out and split the rental proceeds. Another option is to allow one party to buy out the other party’s interests. This last option is common when there are children involved and the parent with primary custody wants to provide consistency to the children by staying in the same home. The parties may agree to an option after giving careful consideration to the financial consequences of each.
Each option has potential consequences. Tax consequences are one consideration. Another potential complication is that buying out the other spouse often requires a refinancing of the home. Some spouses drag their feet on this requirement, keeping the non-resident spouse financially on the hook and placing this party in financial jeopardy. A real estate attorney can recommend safeguards, such as including a provision in the divorce decree that includes a date by which the home must be refinanced. He or she may also help represent an affected party in a case to force the sale of a home if such a provision is not complied with.