Who is entitled to the funds from our second property in a divorce?
Before our marriage, my girlfriend and I purchased a vacation property by refinancing my home. My question is that I am prepared to sell the property to divide the gain, if need be. Her attorney is suggesting that she might be entitled to half the funds used for the purchase, although it was 100% financed by my separate property. Are there any laws that back their argument at all? And what would be the traditional way of removing her from title?
Answered By: The McDonnell Law Firm, PLLC
NYS has not been a title state since 1972, so it does not matter who holds title when dividing matrimonial under equitable distribution in a divorce. Your house that you owned prior to marriage was separate property owned solely by you. Property can change forms during a marriage and still maintain the status of separate property (for instance selling shares of GM stock that you owned prior to marriage and then buying GE stock with the proceeds while you were married, the GE stock would still be considered your separate property AS LONG AS YOU CAN TRACE THE TRANSACTION ON PAPER) Your house owned before marriage is the same thing. If you can show that the proceeds of the sale of your house that you owned while single fully purchased your present home, it would still be your separate property regardless whether your wife holds title. Any capital improvements on the house while you were married, however, could be considered marital property if they increased the value of the home.
Answer Applies to: New York
Replied: 11/11/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: New York
Replied: 11/11/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: David A. Browde, P.C.
The traditional way is simple: convey the property from your joint names to you with a refinancing of any mortgage. However, if the purchase was prior to the marriage it would be separate property unless you did something to make It otherwise. You should discuss the situation in detail with a local attorney.
Answer Applies to: New York
Replied: 11/10/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: New York
Replied: 11/10/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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