Legal Question in Family Law in Ohio

Equity in home

I was married 7 years ago. My husband owned a condominium which he had purchased using a down payment of $10k given to him by his mother. Shortly after we were married, we sold that condo and used the proceeds to make a down payment on a new house together. Both names are on the mortgage, both in title as joint tenants. We now have approximately $60k in equity on our house. We are beginning the process of a dissolution, but my husband feels that he is entitled to his $10k first from the equity (the money he put down on his condo) plus half of the equity then remaining. Is this correct? My understanding is, since we both contributed to making the mortgage payments for the past seven years, the equity should be split 50-50.


Asked on 8/08/01, 3:22 pm

1 Answer from Attorneys
Gregg Manes Gregg A. Manes, Esq.

Re: Equity in home

Unfortunately, your husband is correct. If the down payment was a gift from one person specifically to the other then it is considered nonmarital property. The key is to look to the source of the funds.

Read more
Answered on 8/09/01, 9:40 pm


Related Questions & Answers

More Family Law, Divorce, Child Custody and Adoption questions and answers in Ohio