David P. Badanes, Esq.
If you own a second home, vacation home or timeshare and you are getting divorced, then you should know how the court will handle this situation. For purposes of a divorce, the Court will typically treat the primary residence (known as the “marital residence”) and a second home in vastly different ways.
If there are children under the age of 18, then in many situations you may be able to remain in your primary residence until your children graduate from high school. In contrast, if you own a second home, it is very likely that the Court will order the property to be sold.
When ordering the sale of the vacation home, the Court will typically hire an independent real estate appraiser to appraise the property and an independent real estate broker to sell the property. When the property is sold, any mortgages or liens will first be satisfied, then most likely the parties will share the broker’s fees and any other fees associated with the sale of the property. If there is any net equity leftover, then the parties will most likely share that as well.
However, there are situations where the parties will not equally share in the costs or the net proceeds of the sale of a second home. As just one example, if one party has incurred a great deal of debt, then that party may receive less from the proceeds of the sale of the second home.
If you are contemplating a divorce and you own a second home, vacation home or timeshare, it is important that you know how that situation will be handled. David Badanes and the Badanes Law Office have assisted several individuals in these types of situations. If you live in Long Island (Suffolk or Nassau Counties) or in New York City, and are thinking of getting a divorce, call the Badanes Law Office today at: 631-239-1702, email us at firstname.lastname@example.org or visit our website: www.dbnylaw.com.
Please like us on Facebook to get important legal news, tips and articles.