Albany Divorce Lawyer Discusses Selling Your Home During a Divorce
I am often asked as a Albany Divorce Lawyer what to do in regards to selling or keeping the home during a divorce proceeding. The marital residence is often, but not always, the largest asset held by the parties. If one party expresses a desire to maintain and retain the house, we have to determine whether or not they can afford to. If there is a substantial amount of equity in the house, that spouse will have to buy the other spouse’s share out. That can be done either through refinancing the mortgage, or through trading off other assets. That mortgage has to be paid after divorce, so, of course, you have to determine if you have the cash flow to maintain it. I will advise clients as a Albany Divorce Lawyer that if you have a high conflict divorce that results in litigation, it’s quite possible that a judge will make the final decision about what happens to your house. And in many instances, the court will order that the house be sold. That is not definite, but it often occurs.