Legal Question in Family Law in New Jersey
marital asset??
In 1986, while living with my fiance', a full 3 years prior to our marriage, my parents transferred the deed to their fully paid for home to me for the sum of $10.00. In my name, I secured a mortgage against the home to help finance a lifestyle that we had taken on. That lifestyle included new cars, expensive apartments, and later,a period of no work for my wife. There is still 9 years left to go on that mortgage. the house has doubled in value. My parents to this day live in the home, and my wife has spent fewer than 10 nights in that house over the last 20 years. Is she entitled to a portion of the appreciation, or responsible for half of the remaining debt
2 Answers from Attorneys
Re: marital asset??
If the house remained in your name and never served as your marital residence, then it is likely that same will be considered to be a non-marital asset and exempt from equitable distribution.
Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other facts that would change my opinion. And, no one can rely on the opinion of an attorney who has not been retained. Before you do anything, you should consult with a Family Law attorney. I would be happy to discuss this matter with you if you would call me. Mention Law Guru and your first one hour consultation is free. Good luck! Rob Gleaner
Re: marital asset??
She probably has no claim to an interest in the house, so long as you did not deed the property to her in both your names.
Call me if you like.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
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