Legal Question in Family Law in New York
Division of real estate in ny
My former husband and i have 2 houses jointly owned. If he buys my share of them, would i receive half of the estimated value or all of the estimated value since he would keep both locations?
2 Answers from Attorneys
Re: Division of real estate in ny
"ALL" of the estimated value of your premises includes both your and your spouse's share and interest in the premises.
Therefore, if your spouse is buying YOUR share or interest in the premises, NOT HIS share or interest in the premises, you would presumably would ONLY BE ENTITLED to your share and interest (or the "estimated 1/2 interest).
Additionally, please be advised that the actual percentage or sum You would be entitled to receive, would be whatever the two of you agree (or a Judge decides, if necessary), is "fair and equitable."
Also, "Fair and Equitable" does not require an "equal" distribution. But, refers to the respective parties' direct and indirect contribution to the acquisition and maintenance of the properties; which may or may not be 50/50.
Good luck,
Re: Division of real estate in ny
If your husband purchases YOUR INTEREST, you get to keep your interest.
If a third party purchases the properties, the proceeds will have to be split.
Daniel Clement
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