Legal Question in Family Law in New Jersey
Equitable distribution in divorce-NJ
I own a piece of real estate with my dad, purchased during my marriage but with non-marital funds. Later I took out an equity loan on this property, a no-doc loan that did not look into anyone's ability to re-pay, I was the only borrower on the application, and it was based solely on my credit score. The bank made my husband sign on the loan. I was told that, if married, the spouse must sign as an acknowledgment that the other spouse is taking on a debt. The home was never used as or intended to be a marital residence, and the spouse did not personally maintain or contribute to this property. Once my dad moved out, the house was rented and the rent paid the bills, plus my dad paid for improvements such as new roof, windows, siding, etc. In our divorce, my spouse is claiming he's entitled to 50% because he ''signed on the dotted line.'' His income was never put towards the repayment of loans on this property whatsoever. Is he entitled to any equity in this home simply because I and my dad were forced to comply with the bank's rules?
1 Answer from Attorneys
Re: Equitable distribution in divorce-NJ
Given those carefully crafted facts, not likely as you did not mix the asset with joint assets and intended that it be separate from the beginning.
Our law firm is involved with both non-litigated and litigated solutions to such dilemmas. I strongly suggest that you engage counsel forthwith to review your options before disharmony takes over and the resolution becomes more difficult and costly.
Disclaimer: Your question and any response given are not intended to create an attorney-client relationship. The response given is not intended to be relied upon by you or anyone else as it is based only on the limited information which you have provided. Other information is needed before advice can be given including facts which you have not supplied which may change the response to your question
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