Legal Question in Family Law in New York
Sepreration of marital property
If the down payment for a co-op is payed by one of the parties prior to the marriage, is it co-mingled or seperate at the time of sale.
2 Answers from Attorneys
Re: Sepreration of marital property
The issue isn't who paid at the time of purchase, the issue is the use of the coop during the course of the marriage? Wast the co-op the marital residence? Was it separate investment property? Who paid the mortgage? taxes? was there any tangible or intangible benefit bestowed by the other spouse. These area the issue to determine whetehr the coop is separate or marital property.
Should you like to discuss this or any other legal matter, you can e-mail me for more information about low cost face-to-face, on-line, or a telephone consultation with a lawyer in our office.
Re: Sepreration of marital property
Money or assets paid for, the acquisition of property prior to marriage is presumed to be "separate property" and is recoverable at or upon the sale of the property.
It cannot be "commingled" or "converted" to "marital property," IF, the money or asset was separate property prior to the marriage. It remains "separate property," that belongs to the individual, but may be "offset" by other equities.
Good luck,
Phroska L. McAlister,ESQ