If you have taken out a jumbo mortgage as a married couple, you have probably discovered that the property can be as much a curse as an asset. If you are going through divorce, determining who gets the house takes on an entirely new meaning when overwhelming debt means you get more problems than benefits.
If you are considering dissolution of your high net worth marriage or partnership with someone you share a jumbo mortgage with, you will need to protect your rights. Under New York law, debt is considered marital property, just as much as financial assets are. The appraised value of large homes is often less than the amount owed on a jumbo mortgage. Protecting yourself from the burden of monthly payments or selling the property can be an important part of your final settlement.New Paltz Divorce & Finance Attorney
At the law firm of Jonathan D. Katz, Attorney at Law, in New Paltz, New York, I have been representing the rights and financial interests of people of high net worth for more than a quarter of a century. As an experienced property litigator, I know the strategies often used by opposing attorneys place an incorrect value on the property or assign inappropriate responsibility for the debt and taxes on the property.
During your consultation, we will discuss issues relating to equitable distribution and distribution of debt, including:
- Complex property valuation and division
- Real estate tax concerns and home equity loans against your jumbo mortgage
- Appreciated value of the home over the duration of the marriage
- Was the home owned by one party prior to the marriage, transmutation of property
The practical demands of New York divorce practice tend to reward the party whose lawyer is experienced in the detailed examination and analysis of property division problems such as real estate and mortgage debt. If your marital estate features difficult problems of valuation or characterization, contact my firm today.