Legal Question in Family Law in New York

My husband was granted a judgment of divorce against me. The court divided our marital residence 50/50, while giving me the option of buying out his interest. However, no one has yet explained to me how I would be buy him out and what factors go into that.
What was I wondering are things like: is the value of his interest what the value of our property was when we purchased it, or what it is now? Would the court just order an appraisal and then set the price after that? How exactly do they determine how much I have to pay him to buy out his interest? Is it set up like a mortgage, like I have to pay him a certain amount each month with interest?

Asked on 7/07/10, 8:05 am

Kristen Browde Browde Law, P.C.

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The house should be valued as of the date of the first filing in the divorce case. Typically this is done through a professional appraisal.

The valuation less any mortgage is the equity in the house. The equity divided by two is each of your share.

How either of you chooses to pay for the other's share is a negotiable item.

Answered on 7/07/10, 11:16 am

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