Legal Question in Real Estate Law in New Jersey

Re: Divorce buy-out - does it increase the cost basis

At the time of the divorce you and your ex-wife became tenants in common. If you are then buying her half out at fair market value, then her half should create a stepped up basis and your half would retain the original basis from when you purchased. I would check with a CPA to be sure. If you need more help, we specialize in divorce and real estate.

Re: Divorce buy-out - does it increase the cost basis

If your divorce attorney can not look into this and answer the question, get another attorney. If you do not have an attorney, you are being foolish. There is far too much money involved to do this without an expert divorce attorney's assistance.

You have some options and you need to do some planning BEFORE you get divorced, BEFORE you sign an agreement with your spouse.

If you would like, give me a call; I am in northern New Jersey. I will discuss this with you; the telephone consultation will be free. I would be happy to help you out.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

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