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Family home, debt can be major issues in divorce

The financial aspect of a marital breakup in New York can be just as hard to navigate as the emotional aspect is. One of the most complicated financial decisions that many couples face during divorce is what to do about the family home. Another tough decision that plagues divorcing couples is how to deal with debt.

The family home can be particularly hard to address during property division because it is valuable, not only financially but also from an emotional standpoint. The home is usually full of memories, which makes it hard to negotiate. If two divorcing spouses cannot decide who will keep the home, the best choice is for them to sell the house and split the proceeds. However, if they go this route, it is critical that they determine who will cover the home's expenses until they can sell the property.

When it comes to debt, credit cards remain a major issue. It is important that divorcing spouses know what their credit card balances are. They also need to know whose names their cards are in, as this determines who is ultimately responsible for paying off those cards.

There is nothing easy about getting divorced, especially when it comes to finances. However, if two spouses in New York can see eye to eye on how to handle the family home, debt and other financial issues, they can address these issues during informal negotiations or mediation, rather than going through traditional divorce litigation. An attorney can provide a divorcing spouse with the guidance needed to pursue the best outcome for him or her, considering the facts of the divorce case.

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