What Happens If the Sale of the Marital Home Is Delayed Until After Divorce in New York?
A divorce is a challenging process. There are a lot of paperwork to deal with and several disputes to solve. These issues can really make life miserable for the divorcing partners. They are likely to develop a lot of stress, depression and anxiety and become mentally exhausted.
One of the most contentious issues in a divorce is equitable distribution of property. It is a method used by the divorcees to divide their property. Equitable distribution only applies to marital property. A marital property is the property the divorcing parties acquired together while they were married. It, however, does not include the property you were given as a gift or that one that is provided for in a written agreement with a third-party. The most contested type of marital property is the marital home.
A court order granting divorce or divorce agreement must contain a clause that includes provisions for the disposition of the marital home. It may be impractical to sell a marital home during divorce due to a number of reasons. In such cases, it is important to consider what happens when the home is sold. For instance, you need to consider whether the person paying the mortgage on the house will get the full amount from the proceeds or a fraction of the amount. And as for the other person waiting to get his share from the proceeds, you need to determine whether he will receive interest in some form or move on without anything. You should explore these factors and seek answers to any questions that might arise.
According to the New York Domestic Law, a court should be able to resolve issues related to distribution of marital property before issuing the final judgement of the divorce, expect on issues where the disputing parties have come into an agreement. In case of a postponement of a marital residence, careful planning is very essential to avoid a scenario where the disputing parties have to return to the court for the second time. If the case goes to the court for the second time, the judges will unlikely approve it without both parties agreeing. The agreement should have a plan on how the parties want to sell the property.
When postponing the sale of marital properties, the divorces have several options to choose from. One spouse can choose to buy off the share the other spouse owns on the property. If the house has an existing mortgage, then the spouse who has bought the shares will have to pay the remaining mortgage. However this might create a problem if the spouse defaults on payments. If the mortgage was in the other spouse’s name, then he will be held liable for the missed payments.
The court has no jurisdiction to bring the mortgage company into the dispute. The best it can do is to grant the spouse whose name appears in the mortgage the right to enforce mortgage payment obligation on the defaulting spouse. If the mortgage was signed by both spouses, then the bank can enforce payment obligations on both of them. In this case, the court has no power to modify anything.
If one spouse pays the mortgage, his actions will increase the amount of equity, which then entitles both of them to an offset. A reimbursement of 50 percent will be required if one spouse chooses to pay the other party’s share of mortgage payments. The spouse whose payment obligations have been relieved also has rights too. He can enforce proper care on the property and facilitate the efforts for sale. These are complex processes you may not understand if you have no legal experience in family law. If you are going through a divorce, it is better to hire a divorce lawyer instead.
A divorce lawyer has the legal experience and expertise to guide you smoothly through a divorce. He will take care of almost every divorce process, helping you to have a peace of mind during these trying times. He will prepare divorce documents, attend court proceedings and participate in alternative dispute resolutions to take care of your best interests. A good lawyer will also offer you emotional support and recommend the best mental expert should you need such services.
However, not all lawyers have the skills and expertise to handle divorce cases. Make sure you conduct a thorough background check just to make sure you don’t end up with the wrong person. Check if the lawyer is a member of the bar association and whether he is licensed to practice law in New York. Visit online review platforms to see what people say about him. Make sure he has a good reputation and the right skills set to practice family law in New York.