For many New Yorkers, saving enough money to make a down payment on a residential property can be difficult. With housing prices soaring, it can take years for an individual to save what they need to get into the real estate market. It is often after a person has married and moved into their career that they are able to afford a home.
Some New Yorkers, though, are able to buy not only one but multiple residential properties as owners. They may use their properties as residences or vacation properties, or use some of their properties during the workweek while enjoying their others when they have time off. When individuals who own multiple properties divorce, there can be many questions about who gets what.
This informational post does not answer any specific legal questions about property division and residential properties. It does discuss some information that readers may find helpful as they approach their own divorces. Help from trusted New York family law lawyers can be important for all individuals who plan to end their marriages in divorce.
Property division in New York
New York is an equitable division state when it comes to marital property. That means martial property is divided equitably, or fairly, instead of equally during a divorce. When a couple owns multiple properties, different factors can influence who will get them after the parties’ marriage is over.
For example, if one party bought a property and has only their name on its title, it is likely that party will take the property as their own when their marriage ends. If both parties have their name on the title of a property, who receives it will be balanced with other property interests, as well as what the parties need to live after their marriage ends.
Getting property division matters right
There are a lot of considerations that New Yorker should make when ending their marriages. Many of those considerations revolve around what they own and how it will be distributed when they are no longer married. To get answers to property-specific divorce questions, readers can consult with their trusted family law attorneys for help.