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Divorce Lawyers New York - Property division regarding real estate property

Property division regarding real estate property

Real estate property can be divided many ways. The most common way to divide real estate property is to list the property with a licensed realtor agent and have the property sold. The proceeds can be split equally or any other way that the parties deem appropriate. Typically, the parties will continue to pay the real estate taxes, mortgage, utilities, insurance and all other debt related to the property equally until such time that it is sold.

A second option with regard to real estate property is to have one party by out the other party’s interest. This can be done either through a refinance, where the refinancing party pays the non-refinancing party their share of the real estate property. Or, a buyout can be done without the need to refinance.

Lastly, one party can quit claim deed any interest that he or she has in that property to the other spouse. In many cases, there is not significant equity to be divided and the debt is not in both names. In those cases, a simple deed to the other party will satisfy the transfer, and deal with the equitable distribution of the property since there is no significant equity.

If the parties cannot agree on a resolution regarding the division of the real estate property, the court will make a decision based upon all the facts and circumstances surrounding the case.