When dividing assets during a divorce, many couples encounter obstacles regarding the marital home. Often the home is the most valuable asset a couple owns and each partner has a financial interest. There are a number of options a divorcing couple can consider regarding the sale of the primary residence. There might be tax advantages to selling the home upon divorce or deferring sale with certain conditions in place.
A couple might defer the sale of the marital home if:
- The couple has small children and the court determines it is in their best interest not to move at this time
- The current economic conditions are not favorable for sale
- One spouse wishes to buy the home from the other but requires time to secure a mortgage
- One spouse wishes to remain in the home and both spouses agree to division of equity at a later date
If the home is a family homestead, and one spouse’s family has resided in it for a number of generations, it might not be considered marital property. If this has not been specifically agreed upon in a premarital agreement, this might result in a deferment of sale until a judge can rule on its disposition.
If the sale of the marital home is deferred, the non-resident spouse might be ordered to continue to pay property taxes, maintenance costs or a share of the mortgage until the time of sale. Likewise, if both spouses retain a shared interest in the home for a period of time, the couple must reach an agreement as to the respective share of profit from the eventual sale.
If you are divorcing and own a home together with your spouse, consult a divorce attorney. Your attorney can assist you in dividing your marital property in a manner that is suitable for you and in the best interest of your children. For your free consultation call the Buffalo Law Offices of Randy S. Margulis at 716.886.9600 or contact us online.
As a Buffalo divorce lawyer for 28 years, I have devoted myself to solving the problems that affect families throughout the Buffalo metropolitan area and Western New York. As a family law attorney, I make it my goal to create a partnership of trust with my clients. People put their trust in me to handle cases that can potentially have a long-lasting impact on not only their lives, but the lives of their family as well.
Alexandra M. Rockwood is a Senior Associate Attorney with the Law Offices of Randy S. Margulis & Associates and has been with the firm since early 2020. She primarily practices in the areas of matrimonial and family law, including divorce, child custody, and child support. Alexandra is a practicing matrimonial and family law attorney as…
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5.0/5.0Divorce is always an unpleasant event and my case was no exception, yet the guidance, professionalism and ethical strategy that Randy Margulis provided was essential in finding the best solutions for my children, my ex-wife and myself. As the proces...
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5.0/5.0
Divorce is always an unpleasant event and my case was no exception, yet the guidance, professionalism and ethical strategy that Randy Margulis provided was essential in finding the best solutions for my children, my ex-wife and myself. As the proces...
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5.0/5.0
Randy Margulis is knowledgable of Domestic Law, dedicated, responsive, personable, aggressive and effective. I came to him on a friend's recommendation as well as Randy's reputation, and during the initial consultation I liked his approach and track ...
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5.0/5.0
Found Mr. Margulis to be a very organized and professional individual to work with. He is well-respected by his peers and is spoken of highly, I believe this helped with my divorce and made things go smoothly. I would highly recommend his services ...
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5.0/5.0
Randy is very firm and effective in court while empathetic to his clients. I am a domestic violence victim, and Randy made me feel safe and protected. My financial award was more than I envisioned it to be when I started my divorce. I can't thank ...
