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In Divorce And Other Family Law Matters

Can you secure a fair portion of your home’s equity in a divorce?

On Behalf of | Oct 19, 2022 | Property Division |

Many people have heard exaggerated or outright inaccurate stories about what happens in divorce. Some people will claim that their ex forced them out of the home and then deprived them of their assets.

However, the New York approach to divorce does not typically allow for such unfair terms. These rule employed by the family courts requires an equitable or fair division of a couple’s assets when they divorce. It would be neither equitable nor fair for one spouse to deprive the other of their interest in the marital home after kicking them out of the family residence.

As someone considering divorce, you will feel more comfortable moving forward with a life-altering decision when you understand what will happen with your biggest assets, like your house.

Even if you move out, you should receive some equity

With the exception of cases where the home is separate property because of a marital agreement, most spouses can expect to receive at least some home equity when they divorce. The exact amount that you could receive will depend on the duration of your marriage, the value of your home and numerous other factors.

Many homeowners in New York require an appraisal to determine the fair market value of their homes. Neither the taxable value assessed by the local government nor the original purchase price for the property will accurately reflect what you can sell it for now. An appraiser will look at the condition of your property and at the local market to determine what your home is worth.

Most people will receive a portion of their home’s equity based on its current fair market value when they divorce. Even if your ex keeps the house, they will need to refinance it and pay you some of the equity. You need to get property division matters right the first time. In some cases, people receive other assets instead of home equity.

Underestimating what your home is worth is a property division mistake that could drastically diminish your resources for setting up your future. People considering divorce in New York need to understand what marital property they have a right to claim and also the most likely approach to dividing those assets in family court. Learning more about equitable property division and the current real estate market can help you better determine what to expect in your upcoming divorce.