Legal Question in Family Law in New York
I want to buy out my spouse's interest in our marital residence once our divorce is over. It seems to me that with the housing market at an incredibly low point that it would be advantageous to me to get an appraisal of our real estate right now. This would make the amount that I have to pay him in order to buy him out less would it not? I mean if the property is worth $500,000 after the encumbrances are subtracted and his interest is 50% then I would have to pay him back $250,000, but if the property is worth $250,000 then his half interest would only $125,000 I would have to pay him back.
All that I am looking for is an opinion on whether I am correct or incorrect. Is it advantageous to get an appraisal now while the market is down for the reasons I outlined above?
3 Answers from Attorneys
Yes and no.
Yes, if the market is at or near its lowest, it will be to your advantage to get an appraisal now before the market goes up (if it goes up).
However, there is no guarantee that the market is at its lowest. The economy is still iffy.
You may want to check with an real estate agent to discuss the market in your county.
Even if you get an appraisal, your husband can disagree with the appraisal and get his own. Depending on the timing and market, his appraisal can be more or less than yours.
With competing appraisals, the judge can split the baby or take one appraisal at its face.
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David is correct about Paula being correct.
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