Legal Question in Tax Law in Massachusetts
marital property
Months before marriage of 9 yrs, husband purchased home with downpayment (1/3)...husband name only. He ''homesteaded'' home. Wife has contributed monthly ''rent'' as well as other financial involvement (including significant financial investment in failed business). In divorce, is home protected for husband by homestead act? Does monthly financial contribution by wife give her any ''share'' in home even though mortgage in husband's name only?
1 Answer from Attorneys
Re: marital property
The real property or manufactured home which serves as an individual�s principal residence upon filing a Declaration of Homestead, shall be protected against subsequent attachment, levy on execution or sale to satisfy debts to the extent of five hundred thousand dollars ($500,000) per residence, per family.
This would include either a parent and a child or children, a married couple and their children, if any, or a sole owner. Thus, a single person who is the sole owner of a primary residence may file for the Homestead protection to the extent of $500,000.00.
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