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