Q: Facing divorce, I pay my spouse out. We are both on deed, only me on mortgage. Is Interspousal transfer deed or quit claim deed any different in transfer tax in NY? Will this cause re assessment of property tax, make it go higher? How it might affect the selling of the house in the future?
I appreciate your reply and will need a lawyer soon.
A: Generally an interspousal transfer (incident to a divorce) is a nontaxable event. One is always best advised to consult an accountant on tax issues, however. You should also schedule a consult with a Westchester Divorce attorney for a full assessment.