There are several options when it comes to determining what happens with the marital home in a New York divorce. Of course, the court may award the home to
It is not common to see a deferred sale of a marital residence when it is not be agreement. This is because a deferred sale by agreement may require the parties to co-own the house for a set period before selling the home or force the non-titled spouse to wait to receive payment for the home. This presents a host of issues, many of which may be insurmountable for a couple in the midst of a divorce. The deferred sale of a marital residence can, however, be included in a divorce settlement if sufficient thought is put into the agreement and the parties are willing to agree on certain issues.
A court can order that the sale of a marital residence be deferred, absent an agreement between the parties. Typically, a court would only do this for the sake of the couple’s children. For example, a court may consider the following when deciding whether to defer the sale of a marital home:
- The age of the children and what grade they are in;
- How long the children have lived in the home;
- The financial ability of the spouses to obtain housing; and
- The economic detriment to the spouse who would not receive the home.
Of course, if a court does order the sale of the marital home be deferred, certain issues must be considered. Obvious concerns include when the house will be sold and how will the asking price be determined. Indeed, courts have held that a spouse’s remarriage may trigger the sale of the marital residence when that was a term in their settlement agreement. However, there are several other considerations when thinking about deferring the sale of a home, including:
- Who will be responsible for the mortgage, tax and insurance liabilities, and maintenance of the home?
- If the value of the home changes between the time of divorce and the time of sale, will the spouses share in any increase (or decrease) in value?
- Will any improvements be made to the home? If so, who will be responsible for paying for the improvements?
- Will both spouses have access to enter and use the home?
Are You Concerned About Your Home?
If you are currently going through a New York divorce and are concerned about whether you will be able to stay in your home, or have any other questions about an upcoming divorce, contact my office for assistance. I am a separation and divorce attorney with extensive experience handling a wide range of complex family law issues. To learn more how this Divorce Attorney can help you with New York family law issues you are currently confronting, call 516-333-6555 to schedule an initial consultation of up to a half hour free.
See Other Blog Posts:
Can a Judge Force the Sale of a Marital Home in a New York Divorce?, Long Island Family Law and Mediation Blog, November 17, 2018
Are Ongoing Health Insurance Benefits Considered Marital Property in a New York Divorce?, Long Island Family Law and Mediation Blog, November 3, 2018