The Interplay Between Divorce And Real Estate

A key element to resolving matrimonial cases is deciding whether to sell or refinance the former marital residence and/or other real property. Depending on the circumstances, parties to any divorce action should take into consideration whether any equity exists in the marital residence or whether any liens (mortgages, taxes, etc.) outweigh any equity in same.

If the parties decide to sell the marital residence, the parties should come to a written agreement in advance regarding the following issues:

• Selecting a real estate broker and establishing the terms of a listing agreement (ie purchase price and broker commission);
• Mechanism by which the parties agree to alter the listing price of the residence in current market; and
• Contribution towards payment of necessary repairs to the residence;
• Satisfaction of closing expenses such as mortgage payoffs, judgments, liens, taxes, attorney fees and all other respective closing costs at the time of closing.

Having an agreement with respect to the foregoing items can assist the parties in disposing of the former marital residence and in dividing the net sale proceeds in accordance with their marital circumstances.

Anyone engaged in matrimonial litigation should seek legal advised from experienced matrimonial counsel. The information above is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation.

For more information, click here to visit Danielle E. Strauch, Esq.’s website or contact her at 845-486-4350. http://www.daniellestrauchlaw.com/

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