Going through any divorce can induce feelings of stress and anxiety regardless of the circumstances. However, for individuals who are involved in a high-asset divorce in New York, figuring out how to deal with jointly owned real estate assets can be even more stressful. You should educate yourself about your options when trying to decide what to do with real estate assets.
Sell the property and split the money
This is typically the most popular choice among divorcees as it allows both parties to walk away from the marriage without any assets tying them together. However, this is usually only an option if the property in question is considered marital property, which means that neither partner owned the property before the marriage. In marital property situations, the proceeds from selling the property can be used to eliminate any debt and help with a down payment on the next property.
Buy out the other party
Both parties have this option if the real estate in question is marital property. The judge who issues your divorce decree will assign a monetary value to the subject property, and you and your ex can decide how much each half of the property is worth accordingly. This is certainly a more costly option, but depending on your circumstances, it can be easier.
Co-own the property and sell it later on
If you and your ex can reach an agreement about how to pay the mortgage and other expenses associated with the subject property, you may decide to keep it and then sell it later on. If you and your ex can remain amicable, this is a great option if the real estate market in your town isn’t good for selling right now.
High-asset divorces can produce an entirely different set of complications than standard divorces. You should employ the services of an attorney who is familiar with such cases.