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For A Mortgage Buyout, Do I Just Divide The Equity In Our Brooklyn Home And Give My Spouse Half?

If your home has built equity, then yes, a mortgage buyout usually involves simply calculating the equity and then dividing it evenly with your spouse.

Where problems commonly arise in the current economy is when a home is underwater, or where the spouse who is retaining the home is unable to find a lender to refinance the mortgage into their name in an environment where tighter lending standards are the norm.

There are also situations where your spouse may feel they have a claim to a greater-than-equal amount of the accumulated equity in the property.

If your spouse paid for significant improvements to the property, they may seek additional compensation for that investment.
Equity
You can counter that claim by noting that the improvements your spouse may have funded have increased the equity that is now being split, but sometimes these types of fights can drag on.

At Zelenitz, Shapiro & D’Agostino, we can help you develop fair parameters for a mortgage buyout, and protect you from frustrating battles around the distribution of property.

If you have questions regarding a mortgage buyout, call us today at 718-725-9601 for a free consultation with an experienced Brooklyn divorce attorney.

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