Legal Question in Real Estate Law in New Jersey

Refinancing after Divorce

I am refinancing a property many years after a divorce seperation agreement. My ex , who needs to quitclaim, is concerned over ''basis'' issues and tax liabilities. The property settlement gave me the property, but the existing mortgagwe was joint. Any reason for concern? Is this a taxable event today, since divorce was 2 decades ago?


Asked on 3/21/07, 10:31 am

2 Answers from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: Refinancing after Divorce

This is not a legal issue, it is a tax issue. He should speak with his accountant. Good luck! Rob Gleaner

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Answered on 3/21/07, 10:34 am
Walter LeVine Walter D. LeVine, Esq.

Re: Refinancing after Divorce

I do not know why you waited so long to settle this issue. If the Deed relates back to the divorce, and if, at worst, it does become a taxable event to your "x", she may still be eligible for the benefit of sale of her principal residence. More facts are needed, such as when was the divorce, what was basis at that time (cost plus improvements), market value at that time, etc.

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Answered on 3/21/07, 10:41 am


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