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The family home may not be worth keeping after divorce

One of the most painful parts of dissolving a marriage is determining how to handle the family home. After all, the marital home usually sparks many positive memories for a couple. A few tips may help with addressing both of these areas during a divorce proceeding in New York.

Regarding the house and other assets, what may look equivalent might not actually be equal. For instance, the marital home might be on a divorcing couple's list of assets. Perhaps the home is valued at $300,000 but has a mortgage of $200,000, leading to a net value of $100,000. If there is $100,000 in a retirement plan as well, rather than keeping the home and giving up the retirement money, it might be better to sell the home, use the profit to purchase a new home and take half of the retirement funds. In this way, one ends up with both a home and retirement funds after the divorce.

If the custodial parent wishes to keep the home, considering how much money will be needed to maintain it is important. In addition to covering maintenance costs, other important financial obligations related to the home will include taxes, the mortgage and insurance. Those who will have to depend on child support to keep up with the monthly mortgage payments may not find it helpful to keep the home.

During divorce, many critical decisions with long-term implications must be made. Unfortunately, a wrong decision can cause financial heartache years after the divorce has been finalized. An attorney can provide the guidance needed to make wise decisions when it comes to handling the family home and other valuable assets during a divorce proceeding in New York.

Source: cbslocal.com, "Breaking Up Is Hard To Do: Are You Splitting Assets Or Debt?", Dee Lee, Aug. 29, 2017

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