New York law doesn’t require that you split the equity 50/50, only that any equity is shared in way the court deems equitable to the parties.
There may be contingencies that make a different revenue split more appropriate in your case, but keep in mind that when your spouse takes on the home, they also take on the debt and mortgage obligation of the home.
The court recognizes that you walk away with no obligation to the mortgage, repairs, and so on.
The other thing to consider is what other assets and liabilities there are in the marriage.
In most cases, a house will be the most significant asset you’ve purchased, but there may be other items or investments that you’d like to negotiate for.
The financial complexities of divorce are stressful to unwind, and finding a solution that both parties consider fair can be difficult.
The attorneys at Zelenitz, Shapiro & D’Agostino can help you get the best settlement available.
Call us today at 718-523-1111 and speak to a Queens divorce attorney for free.