Legal Question in Family Law in New York
sell home,pay debt
We have been separated for 2yrs. I had him refinance home w/only his name on it. he is now selling home. Am I entitled to any profit, especially if we still have marital debt to pay off. No legal proceedings have been started,only a child support order.
3 Answers from Attorneys
Re: sell home,pay debt
You really should retain an attorney, before permitting your husband to proceed further in the sale of the house, without you and he reaching an agreement concerning the matters you have questions about.
If he sells the house, without payment of what you describe as "the marital debt" the money might be gone and the debt remaining, for you to pay.
Get a lawyer.
Good luck,
Phroska L. McAlister,ESQ
Re: sell home,pay debt
If the refinancing took place while you were still living in the marital home, or were still together as a married couple. You may be entitled to reep the benefit of increased profit when the marital home is sold, however this would be offset by the debt left in the marital estate. In other words you're probably responsible for both.
Re: sell home,pay debt
The first question to answer is whether the home is a marital asset. It is, if you bought it together during the marriage. There may be other circumstances that would make it a marital assets as well.
If it is a marital asset, then you are both entitled to share in the value.
I would highly recommend that you concult with an attorney, immediately, to protect your rights.