Quatela Chimeri, PLLC

Financial implications may sway decisions in New York divorce

Dealing with the numerous decisions and proceedings that can come along with ending a marriage can put many people on edge. They may fear making the wrong choice and end up with a deal they find dissatisfying. Because of this potential outcome, New York residents going through divorce may want to ensure that they understand the implications of their desires before making decisions.

One particular situation that could prove difficult for many people is determining what should be done with the family home. In most cases, at least one individual wants to maintain ownership of the home. While there can be a great deal of emotional attachment to residences, parties may want to ensure that keeping the house is in their best financial interests.

Because one person may not have worked due to taking care of children or due to other circumstances, it may be financially taxing to hold onto the home and pay the mortgage. Parties may want to fully assess their current and prospective employment and determine whether they could realistically afford the home. Of course, these issues could also come into play if an individual wants to buy a new home after ending a marriage.

Many complications can come along with dividing assets, and the family home in particular can often prove difficult to address. Various personal and legal ramifications may need to be considered before New York residents adamantly set their desires on a particular divorce outcome. Individuals looking to further explore their options and realistically compare their circumstances with their desires may wish to enlist the assistance of experienced legal counsel.

Source: The Huffington Post, "It's Harder to Divorce the House Than the Spouse!", Ashley Tate Cooper, July 17, 2017

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