Tips for buying the first home after a divorce

Tips for buying the first home after a divorce

After divorce, one of the first things you often need to do if find a new home – if you were not awarded the marital residence in the settlement agreement. Sometimes, depending on your income bracket, you may be looking for a new time share or vacation home in addition to just a new post-split domestic domicile. Often times (but not always) you will be downsizing since not only the family unit is smaller but so too is the wallet size given that once there were two and now there is only one. So these can be very stressful undertakings and considerations. Here are some tips for maneuvering the situation without completely becoming undone in the process. (click the title above to continue)

The Marital Residence: Who gets it after divorce?

Memories are hard to let go For many couples, one of the biggest and most difficult issues is the marital residence. Who gets it after a divorce? For couples of modest and ordinary means (as compared to affluent couples) the marital residence is usually the main asset, the biggest most valuable thing they own together. […]

Want a divorce?: How to tell your husband (or wife) you want a divorce

So. You’ve decided that you want to file for divorce and you are wondering how to break the news to your spouse. Asking for a divorce, or telling your spouse you want a divorce is serious business, not to be handled in a blasé fashion. If you think your spouse will be blindsided, you really need to think about when and how you break the news for any number of reasons.

NEW YORK: Hartog v. Hartog 605 N.Y.S.2d 749 (1993) Selling the marital residence and splitting the proceeds? You will likely have to also split the taxes

The Hartog case stands for the principle that when the marital residence is sold, the spouse’s distributive share will be reduced by the taxes. That will include capital gains taxes, if any. The capital gains exclusion for a married couple in New York is about $500,000. So if the difference between the selling price and […]