West Village is one of the most affluent communities of New York City, and many couples own high-value real estate that can be difficult to divide in divorce. If you and your spouse decide to end your marriage, when should a West Village property be valued in a New York divorce? The answer varies, and property values change based on several factors, so you need to know what to expect for this aspect of your divorce case.
When Should a West Village Property Be Valued in a New York Divorce?
New York City has one of the most expensive and most competitive real estate markets on the planet. Real estate values change constantly, so the date that the property is valued will have a definitive impact on the outcome of property division in your New York divorce. It is vital to understand how active vs. passive appreciation affects your property’s value and how it will be assessed in your divorce case.
As of 2023, the divorce rate in New York was about 2.4 per 1,000 residents. When a couple decides to divorce in New York, they will likely need to resolve several important issues before they can finalize their divorce. These issues usually include child custody, child support, spousal support, and property division.
It’s natural to want to preserve your financial future after your divorce, so property division can be a contentious subject. New York follows the equitable distribution rule, which seeks the fairest possible division of the marital estate in divorce. Each spouse is allowed to keep separate property, and all marital property is subject to equitable distribution. It’s important to hire a property division lawyer who can verify this process unfolds fairly.
Property Valuation in a New York Divorce
Both divorcing spouses will need to submit complete and accurate financial records to complete their divorce in West Village. This financial disclosure process requires proving all assets, liabilities, and income sources for both spouses. When it comes to real estate, it could be the couple’s marital property, or it may belong to one of them as separate property depending on when it was acquired.
If you owned a home in West Village before you were married, then you may have grounds to claim it as your separate property. However, whenever separate property is commingled with marital assets during a marriage, it can then qualify as marital property. If your spouse actively contributed to appreciating the property’s value during your marriage, then the property likely qualifies as marital property and would be subject to equitable distribution.
When a property has only appreciated in value passively due to the real estate market’s fluctuations, then the New York County Family Court will likely aim to assess its value closer to the date of your divorce trial. If the property actively appreciated because of your spouse’s efforts, then it is more likely for the court to assess the value closer to the date that the divorce petition was filed.
Ultimately, property division is usually one of the most contentious aspects of a New York divorce. Both spouses will want to keep as much property as possible, and this can lead to disputes regarding whether assets like real estate qualify as one spouse’s separate property or both spouses’ marital property. The Levoritz Law Firm has extensive experience handling contested high-asset divorces, so reach out to our firm today to learn how we can help.
FAQs
What Counts as Separate Property in a New York Divorce Case?
In a New York divorce case, separate property typically includes anything one spouse owned before their marriage, inheritance left to them by blood relatives, and gifts that were given only to them. Your New York property division attorney can help you complete the financial disclosure process and identify all of the assets that qualify as your separate property in your divorce case.
Do We Have to Sell the House in West Village in Divorce?
You may not have to sell the house in West Village in divorce. One spouse may offer to move out, allowing the other to keep the home, as long as they receive a share of marital assets equal to their share of the property’s value. These situations often entail difficult negotiations, and it may not be possible to arrange a division of property that allows one spouse to keep the home, but your attorney can explain all of your options in this situation.
Who Pays for a House Appraisal in Divorce?
In divorce, a house appraisal will usually be paid by the marital estate. Both spouses are expected to equally contribute to this cost if the home qualifies as marital property. If the spouses cannot agree on a neutral appraiser, then they may pay for separate appraisals. Each spouse would then pay the full cost of their respective appraisal.
Why Should I Hire a Property Division Lawyer in West Village?
You should hire a property division lawyer in West Village to have a better chance of reaching a favorable outcome in your case. Property division in a volatile real estate market like West Village can be extremely challenging, and you need an attorney who has proven experience handling cases like yours. The right attorney can verify that your property has been valued correctly and help you resolve property division as smoothly as possible.
What Does it Cost to Hire a Property Division Lawyer in New York?
The cost to hire a property division lawyer in New York varies by lawyer. Most family law attorneys in the state accept these cases on an hourly fee basis, tracking how much time they spend working on the case. Your divorce will likely involve more than just resolving property division, so it’s important that you understand the terms of your attorney’s billing policy and know what to expect when it comes to your legal fees.
Contact Levoritz Law Firm Today
The team at the Levoritz Law Firm has years of proven experience handling difficult divorce cases in the West Village. If you are wondering when a West Village property should be valued in a New York divorce, we can help you understand the various elements of your case and guide you to a positive result. Contact us today to schedule your consultation with a West Village property division attorney and learn how we can help.
