Sitting on a Million dollar apartment in Brooklyn!

Mediating a Divorce - Dividing an ApartmentAlbert and Diane were married for 19 years before they decided to get divorced.

Soon after they married, they bought a one-bedroom condominium in a neighborhood that, at the time, was not very desirable. A few years later, the 2 bedroom apartment next door was up for sale and they bought it. They combined the two apartments into a 3 bedroom unit. Over the years, the neighborhood improved a lot and they had two children.

When they decided to divorce they came to me for mediation.

Their main issue was the apartment which was worth a lot more than what they paid for it. They agreed to divide it to the original 2 separate apartments, but they couldn’t agree on who would get the larger 2 bedroom which faced the street, and who would get the smaller 1 bedroom apartment which faced a brick wall. The children were preteens and old enough to have strong opinions: They both wanted to keep their own rooms!

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What Do We Do With The House?

What to do about the house“What to do with the house” is often the most difficult issue for separating or divorcing families to resolve. There is no simple answer or formula. The problem is a complicated mixture of financial and emotional issues.

Generally speaking, the following are the four options to consider:

  • Sell now
  • Sell later, and one occupies with the children until sale
  • Transfer ownership from one spouse to the other, with a refinance buy- out, cash payment or trade
  • Rent it to a third party and share the income until sale

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