Deferring the Sale of Marital Homes in New York Divorce Law
If you're in the process of a divorce, you may be wondering what's going to happen to your family home. After all, both you and your ex-spouse probably won't want to continue living in it together after the divorce is complete. The good news is that there are plenty of options to choose from for people who need help choosing the right solution for their marital property. In some cases, it's even possible for the partners undergoing a divorce to make their own decisions about the marital property, either with a pre-nuptial agreement, or a negotiation that takes place during mediation. With a mediator like Darren Shapiro, spouses may maintain more control over what happens to their assets in a divorce.
Alternatively, there's a possibility that the courts will award the marital home to one spouse while requesting that the party receiving the home "buys out" the other spouse. Courts may also order the sale of marital residences and then divide the proceeds that come from that sale between both parties using the method of equitable distribution. The options that the judge considers for a divorce case will depend in the specific circumstances at play within the divorce.
As a divorce lawyer for residents of New York and Long Island, Attorney Darren Shapiro rarely sees the deferred sale of a marital residence when it is not "by agreement." The New York laws dictate that deferred sales "by agreement" may ask both parties to co-own the home for a specific amount of time before they can sell the property. These deferred sales may also force the spouses not in possession to wait for a specific period of time before they can receive payment for their share of the home. Obviously, this time issue presents a house of problems which can be insurmountable for some people. However, it is worth noting that the deferred sale of a property may sometimes be included within a divorce settlement if the divorce attorneys that the couple works with are able to help the parties make compromises in the agreement. Additionally, the couple must be willing to collaborate and come to terms on certain issues.Ordering the Sales of Marital Homes in New York Court
The courts of New York can order for the sale of a marital home to be deferred when an agreement from the two parties is not available. In most cases, the courts would only do this if it was found to be in the best interests of the children. For instance, the courts would consider a number of factors when deciding whether the sale of a marital home should be deferred. They may look at the age of the children and the grade that the children are in, as well as how long the children have lived in the same family home, and the financial stability of the spouses, so that they may obtain housing. Additionally, the courts may also look at the economic detriment to the spouse who would not receive the home.
Importantly, as Attorney Shapiro reminds his clients if the courts do decide to order the sale of a marital home to be deferred, they will consider a number of important issues. For instance, they would need to consider when the property will be sold and how much should be asked for the cost of the home. In some cases, the courts have held that a spouse's remarriage might lead to the sale of a marital residence when this is the term laid out in a settlement agreement.
Importantly, however, there are various other issues that will be considered when it comes to thinking about deferring the sale of the home. It is also important to think about who will be responsible for the tax, mortgage and insurance liabilities of the home, as well as its maintenance. Additionally, if the value of the home changes between the time of the sale and the time of the divorce, it will need to be decided whether the spouses will share the decrease or increase in value. The courts may also look at whether any improvements will be made to the home, and who will be responsible for paying for the improvements, and whether both spouses will have access to the home to use and enter as they wish.Protecting your Home During Divorce
There are many things that a couple may need to protect or consider when going through a divorce. If you are currently in the process of a divorce procedure and you're worried about whether or not you will be permitted to stay within your home, it's important to seek help from a divorce lawyer like Attorney Darren M. Shapiro. Mr. Shapiro is a divorce and separation attorney with in-depth experience handling all manner of family law issues. To find out more about the support you can access for your New York family law issues, contact Attorney Shapiro on (516) 333-6555. Up to your first half-hour of your initial consultation will be free.