Legal Question in Family Law in New York

NY DIVORCE LAW House is appraised for 329,000 we bought back in 2000 for 170,000 and have a remaining mortage of 140,000. If I let my husband buy me out how much would I get based on those figures? Would I get more letting him buy me out as opposed to putting it up on the market and splitting the difference? Also if he does buy me out he does'nt have the money so he would have to refinance and how will that effect me? I want a lump sum with not ties to the mortgage. Also is there a way that I can make it a contingency that if he wants the divorce that the house must be SOLD as I think this would be the most fair to both of us and the least hurtful no kids in the picture. I know he wants to use mediators as I do, so I think! But feel that I may use an attorney just to encourage that the house be put up on the market. Should I use a mediator or attorney? Also I've also work in our 11 year old marriage but he makes alot more money than I do. Am I entitled to any type of spousal maintaince? PLEASE HELP


Asked on 11/01/09, 2:22 pm

1 Answer from Attorneys
Rory Alarcon Rory Alarcon, Esq.

You are entirely free to look into mediation or an attorney, as either one may recommend that the house be sold. A lot depends upon what his intentions are and what he is willing to do to move things along. Whatever you do, make sure that whoever you are dealing with is an ATTORNEY, as some mediators have no legal background.

Assuming your house is now $300,000 with a $140,000 mortgage on it, you could potentially have $160,000 in equity. If your husband is able to, he could potentially look to refinance the house in his name alone for $240,000.00. Depending on income, he may or may not be able to do so.

Overall, there many options left for you if your home does have equity.

Once again, you may be entitled to spousal maintenance, but I cannot determine if you would receive maintenance without more information about your salary, income, education, etc.

Having an attorney does not preclude you from obtaining an amicable resolution. Do not focus on the words "attorney" or "mediator". Instead, focus on feeling comfortable with the person you choose to hire.

Feel free to call my office if you have any further questions. 631-724-5251.

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Answered on 11/06/09, 3:27 pm


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