Legal Question in Family Law in New York
home equity
i read somewhere that there is an exception to the rule that the equity of the marital home is split. the exception was along the lines that if one party had contributed to the cause of the equity being higher they would be entitled to more of the equity.
seeing as how i physically remodelled the house and put an addition on it, with my own labor am i entitled to more of the equity and/or do i qualify for this exception?
if not are there any other exceptions to the rule that are similar to this?
thank you in advance
3 Answers from Attorneys
Re: home equity
This would only apply to investment property that would be held and contibuted to from separate funds. Such an exception would not apply to the marital home where both spouses made their primary residence.
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Re: home equity
Your direct contributions, including sweat equity may be taken into consideration as part of equitable distribution.
Daniel Clement
Re: home equity
In New York, marital assets "equitably distributed." In a long-term marriage, equitably would be about equal.
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