Real property represents a substantial financial investment and also some degree of liability. Property owners have to pay to maintain the edifices on their land and also need to carry insurance or install fencing to protect themselves from premises liability claims.
Some families in New York only have one piece of real property to address when they divorce. Their marital homes may be something they purchased together early in the marriage and have both contributed toward maintaining. Other couples may have purchased multiple properties as investments.
Whether they want to fix up and resell the properties or rent them to others, real property owners often anticipate that what they purchase beyond the home where they live will turn into a valuable investment. Real estate can provoke an emotional reaction away that few other assets can during New York divorce proceedings. What becomes of your real property when you divorce?
Your marital home
For many people, the marital home is the only or primary concern regarding real property in their divorce. Factors including family connections to the property, custody arrangements and prenuptial agreements can all influence how spouses decide to handle their home in a divorce or what a judge decides would be appropriate. Equitable distribution laws in New York protect each spouse’s right to an interest in the property’s value, regardless of who retains possession.
Vacation homes and investment properties
Sometimes, one spouse will agree to keep a vacation home or specific investment properties when their spouse keeps the marital home. Other times, they may agree to sell them and share the proceeds. Judges or divorcing couples could also decide to have one spouse keep certain properties while the other assumes ownership of the remaining properties.
If the two of you go to court, there are no guarantees regarding what a judge will decide is fair for your family. Many people facing a high asset divorce in New York would prefer to remain in control of the property division terms, which means that they have to cooperate with one another in a collaborative divorce or possibly attend mediation.
If you can settle the terms between the two of you and sign in agreement, you’re uncontested divorce proceedings will have the exact asset division outcome you expect. Learning more about New York’s property division rules can help you determine your top priorities for your upcoming divorce.