Legal Question in Family Law in New York
My husband and I are getting a divorce, and we have to come to an agreement on all of the terms of it. We have only one piece of real estate, our marital home, and he acknowledges that I put in a greater percentage of the equity to it and will receive a greater interest in any sale of it. However, I would rather not sell it and would rather buy his interest from him, but he would rather sell it, not knowing much about how I would buy out his interest from him.
So I was wondering if anyone could tell me: how would or could I buy his interest out from him? And if we were unable to agree on what to do with the house and were forced to go to trial over it, would the court give me the opportunity to buy out his interest or would it force me to sell it?
2 Answers from Attorneys
A division of a martial home is typical accomplished with (1) getting an agreement of the percentage (or dollar figure) of each parties share; (2) an agreed price either through an appraiser or broker or the parties agreeing to a price on their own; (3) g to some price; and (4) either party has the rights to buy out the other party (cash or time payments); and (4) all of the above can be accomplished for the least amount of money through the cooperation of the parties or through court intervention -the costly way.
I agree with the prior answer and also add, it is difficult to determine what the judge will decide. Each case is different. However, if you can get qualify for financing to buy him out imeediately, you will have a greater chance to get what you want in the divorce. Remind your husband that the real estate market is still horrible. This may be able to be resolved if you two can consult with a real estate agent and hire an appraiser.
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