Contact us today. We want to help.

How is a home valued in a New York divorce?

A very contentious area of New York divorces is property division. Because New York is an equitable division state, the court will divide property and other assets as fairly as possible. It's important to remember that this doesn't necessarily mean 50/50, but it does mean fairly.

When it comes to the family home, it may be that one spouse wants to keep it. Perhaps both do. In order to determine what your home is worth, you can use one of the three following methods:

-- A home appraisal is one of the most common ways to learn how much your home is worth. The appraisal can cost up to several hundred dollars.

-- A comparative market analysis might be completed by a Realtor at little or no cost. This provides the spouses with a fair market value of the home. This value is based on what other homes in the area are selling for.

-- You can research the value on your own. However, before this type of valuation is done, you should make sure your soon-to-be ex-spouse agrees to it. This is not generally thought of as an accurate valuation when compared to the other two methods.

If needed, the house can be sold and the two spouses could split whatever profits are made. However, if one person wants the home, the other spouse may need to buy out the other.

Because divorce can be so complex in many cases, it is best to consult with a New York family law attorney to determine your options. Your attorney can work to help ensure that your rights are protected as your case moves through the court.

Source: The Huffington Post, "Three Ways To Value Your Home In A Divorce" Joseph E. Cordell, accessed Feb. 06, 2015

No Comments

Leave a comment
Comment Information
peer rated for highest level of professional excellence NYSTLA nassau county bar association the american trail lawyers association new york state bar association

Contact our firm today
Call 800-491-9306 or fill out the form below to schedule an appointment at our Garden City, New York, office.

Contact the Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Weinstein, Kaplan & Cohen, P.C.
1325 Franklin Avenue
Suite 210
Garden City, NY 11530

Toll Free: 800-491-9306
Fax: 516-877-7760
Garden City Law Office Map