Legal Question in Family Law in New Jersey
pre marital assets
My home was in my nme prior to my marriage(now 3 years).I refinanced with my new husband and added him to the title at that time. Would I have to split the proceeds of the sale
o the home in half?
2 Answers from Attorneys
Re: pre marital assets
The argument is that by adding his name to the deed to your house you made a gift of the house to him. To correct this mistake you need him to deed the house back to you. Of course there is the problem that he is obligated on the mortgage.
It would have been a good idea for you and he to sign an agreement limiting his ownership of the property, prior to deed it to him.
Call me if you like.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
Re: pre marital assets
Are you getting divorced now? If so, the way this will likely go down is that everyone figures out who put what into the house to calculate a %. For example, you put in 20,000 he put in 10,000. That equates to a 2/3 vs. 1/3 percentage. Then, we need to figure out the equity in the house and split it according to those percentages.
If the house gets sold, you split to proceeds whereas whoever keeps the house buys out the other for their percentage of the equity.
That is how a majority of the cases get settled out. Of course, there may be other issues which may change this but if this is the only issue in the divorce, this is how it would settle out.
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