Legal Question in Family Law in New York
Marital home
The soon to be Ex husband has been told that I (wife)am not entitled to any equitable distrubution of property do to the length of marriage(6 years) is this true?Also does there have to be equity in the home to receive any money for my half of home or does he have to buy my half out?
4 Answers from Attorneys
Re: Marital home
the lenght of marriage is not a factor for equitable distribution - rather - if you purchased the home together - you are due your equitable share - this isn't always 50%: factors include who contributed what, are there children -downpayment, etc.
Feel free to contact us if you are looking for representation - five one six, two four eight, four thousand.
Re: Marital home
After six years of marriage you certainly would be entitled to some interest in the house. I could not imagine why after six years there was no equity in the house unless either of you took out home equity loans.
Daniel Clement
Re: Marital home
Why do you care what your "soon to be Ex Husband" believes; or was or is told about anything?
If you don't have your own attorney, get one, for any advice about what you may or may not be entitled to receive, from whatever "marital property" may exist.
If you cannot afford to retain an attorney, you may ask the court to have your soon to be EX, to pay for one.
Good luck,
Re: Marital home
If the home is considered "marital property" (bought during the marriage w/ marital funds) then you are entitled to equitable distribution no matter how long you are married (HE IS WRONG). BUT there must be equity. Equity is what the home is worth minus what you owe.
He does not have to buy you out, the house can be sold. After the mortgage is paid and the costs of sale are deducted (RE comm, etc.) what is left is divided equitably (usually 50/50).
You are also entitled to a portion of any pension/ 401/ deferred income etc. accrued during the 6 yr marriage.
Also 50% of the cash value of any life insurance policy purchased during the marriage, cars, bank accounts, etc.
You need to demand a "statement of net worth" from him before you agree to anything.