Real estate in the New York metropolitan area is expensive and typically holds its value. Therefore, buying an apartment, a home, a condo, or even business space can be a big investment. That investment might be at stake when your marriage sours and you face the very real possibility of divorce. But before fighting tooth and nail for the property that’s subject to division in your marriage dissolution, you might want to carefully consider whether keeping it is actually in your best interests.
The risks of keeping property post-divorce
A lot of people have emotional attachment to their real estate, which is understandable. After all, a lot of people put in a lot of time, work, and money into acquiring that property, and many families have been built in these homes. But keeping real estate post-divorce can be risky. The biggest reason is that you will be solely responsible for the mortgage as well as any upkeep, maintenance, and taxes on the property, which can be quite expensive when you’ve lost your spouse’s income.
But you have some options when it comes to dealing with real property during divorce. You could outright buy it from or sell it to your spouse, or other marital assets might be used to barter for the home one way or another. These tactics might provide you with the infusion of cash that you need to establish yourself post-divorce while escaping the obligations associated with real estate. The same holds true if you and your spouse decide to sell to a third-party, which has the additional advantage of giving you a clean break from your spouse. Keeping the property might be another option, especially if it’s a business or will provide stability for your children.
Know the best legal avenue for you
High-asset divorces can be enormously complex, and the stakes can be high. Therefore, you shouldn’t simply try to rush through your divorce to get away from your spouse. This could lead to a disadvantageous financial position. Instead, consider working closely with a legal professional who will know how to position you for success.