No, you certainly don’t have to sell your house, but it’s an option.
New York requires only the “equitable distribution” of assets, but how you arrive at equitable is largely up to you and your spouse.
If you want to retain your home and your spouse doesn’t, you can arrange a financial settlement that pays your spouse a so-called equalization payment, effectively buying out their equity in the house.
Another option, if you and your spouse have a relatively positive relationship, is to retain the house and use it as a rental property.
You would be co-landlords, splitting the expenses and profits of the home over time.
For some couples, especially when so many homes are “underwater” and not sellable these days, this and other non-sale solutions can be a way to preserve the value of the asset until such a time as it makes sense to sell.
The attorneys at Friedman & Ranzenhofer have been helping clients find the smartest way of distributing marital assets for years.
Call us today at 585-484-7432 and learn how we can help you make the best out of your divorce situation.