Mortgage and Divorce in QueensSaturday, February 6th, 2016, 3:11 pm
Splitting assets when going through a divorce is never an easy decision, especially when it comes to determining who gets the family home in the high-cost area of Queens and New York City. This is only further complicated when the divorcing couple shares a mortgage.
The easiest way to settle a situation like this is to sell the house and allow each party to take part of the settlement. But because of the time and dedication spent in developing the home and the memories shared under its roof, there is usually one party that would like to remain in the house.
If one divorcing individual would like to take over the home for his or herself, the first necessary step is applying for an independent mortgage. If the individual cannot afford the mortgage to the house without the assistance of the other spouse, they will have no choice but to move out to somewhere new.
The individual looking to stay behind will most likely also need to pay their ex their portion of equity invested in the home, and will also be responsible for paying all the other necessary expenses of the home on his or her own.
If you are going through a divorce where you know one of the parties would like to remain in the home after the separation is finalized, it is important to hammer out all the details of each expense before getting too far into divorce settlements. You may find that you need to restructure the original division of assets to accommodate the equity invested in the house.
Other factors to consider are restrictions associated to child support or alimony. For example, a mortgage provider may need proof that you are receiving this income from your ex for at least six months before granting you a loan.
The best way to approach splitting a home with a shared mortgage is to consider all your options, do your research, and document every necessary expense associated with the home.
If you have additional questions about divorce, contact a Queens divorce attorney at FK Law Group for legal advice and expert divorce assistance in the queens and New York City area. Contact the office at 800-631-1757 for information about any family or divorce matter.