Although divorce is an emotional process, at its heart is a litany of financial issues. Ultimately, the court is involved in order to determine how to separate assets, debts and income between two people who have decided to terminate their union. This process often requires the input of a real estate attorney in Bay Shore New York. A real estate attorney in Bay Shore New York can advise clients on the options available to them concerning their real estate holdings.
One option for individuals grappling with divorce is to sell real estate and split the proceeds. This option often helps the parties to receive more funds when they need them more as divorce is often expensive. This also assists the couple to transition from having potentially two incomes supporting the household to having only one income per household.
Another option between couples is to rent out a property and split the income between them or give it to the spouse who earns a lower income. This option is sometimes preferable when the economy is in a more precarious position and home sales are low. Rather than taking a significant loss, the rental income may be able to tide the spouses over for a few years so that they can wait out the real estate market.
If one spouse wants to maintain a property, the other spouse may insist on refinancing the mortgage so that he or she is no longer liable for debt that does not benefit him or her.