Turning to a New York Real Estate Attorney During Divorce
Family law and real estate law often converge during a divorce. A New York real estate attorney may work in tandem with a family lawyer in order to help explain the options available to the couple regarding their financial holdings. One of the most common questions that a New York real estate attorney helps resolve during divorce is how to treat the marital home and other real property.
The real estate attorney will begin by laying out the possible options. One option will be for one spouse to retain possession of the property and the other to receive other assets of a similar cumulative value. This is simpler when the spouses do not owe any debt on the property. One party can simply buy out the ownership interest of the other. However, if there is still debt on the property, this usually requires the spouse who will retain possession of the property to have it refinanced so that the other spouse is no longer liable for the debt.
Another option is for the spouses to agree to sell the property. They may choose to split the proceeds of the sale equally. They may also choose an alternative arrangement that takes their contributions into account. A New York real estate attorney who is also an experienced mediator can be a great asset during this time, understanding both the New York real estate market and the dynamics of the owners going through divorce. It is not uncommon for issues to arise during the sale of a property, so having a professional who can help navigate these difficult waters can be a tremendous resource. A real estate attorney can provide advice on the selling process, negotiate a purchase agreement and research the title to ensure your legal interests are protected.
Sabra Sasson, Esq has more than 17 years of New York real estate law experience and she wrote the real estate chapter in the divorce book Onward and Upward: Guide for Getting Through New York Divorce & Family Law Issues a copy of which can be purchased here. Also be sure to apply this discount code Y38YZ5EX to get 10% off the purchase price.
And to get started right away with your divorce mediation that will involve the resolution of real estate concerns, contact Sabra Law Group, PLLC now at 646-472-7971.
