Primarily servicing the greater New York City metropolitan area



LEONARD M.WEINER, ESQ, Ph.D.
DIVORCE SOLUTIONS
206 East 38th Street
New York, N.Y. 10016
(212) 370-1660

FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY

Question #75:
My spouse and I are contemplating an amicable divorce in NYS. We have 2 homes with mortgages in both our names. We have agreed for each of us to take a house along with the mortgage responsibilities. How will that work from the legal standpoint. do we have to re-mortgage the properties to remove the joint ownership or does that happen as part of a divorce?
Answer:
you will have to consolidate the original mortgage into a second mortgage with only the owning party named in the new mortgage. To do this, you will need the cooperation of the mortgage Co. You will have to re-apply individually to the mortgage Co and each party will have to qualify alone for the mortgage on his-her property. If you are located in the NYC metro area, please call me at 212-370-1660 to discuss mediating your divorce. As part of the mediation process, we will take care of this and all other matters necessary for the Separation Agreement and prepare and file the Divorce papers.
Leonard M. Weiner, Esq /Divorce Solutions
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