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What Happens to the Marital Co-Op or Condo in a Divorce Action?
March 26, 2017
If you have children you can ask the court for what is called post judgment exclusive occupancy of the marital residence. Or, after a divorce a Court can award one or the other parties the marital apartment, they can require on spouse to buy out the other spouse’s interests in the apartment or they can order a sale. Refinancing may become an issue such that the person who wants to keep the apartment must be able to have credit sufficient to refinance it and buy the other spouse out of the apartment.
Another issue is that the cooperative board will look to see if they think the single parent can afford to continue to reside in the apartment. This becomes tricky and should be looked into in any case where equitable distribution of the marital residence is at issue. The Board could also make the single party sell the property if it is deemed that they cannot afford it and withdraw their prior approval. So before taking the apartment in a divorce settlement check with the coop board to learn more about their rules as to occupancy. If a limited equity apartment is at stake and you are both shareholders you should strongly consider hiring an attorney acquainted with limited equity coops. In some coops, a term of absence from the apartment might cause the coop board to demand that you sell the shares back to them.
Not legal advice-for information purposes only