I would like to understand the risk of buying a Condo and facing a divorce . Deed under husband and / or his parents ( husband signed Quit Claim Deed after mortgage approval ) , Mortgage under husband only , Personal Loan under husband only from his parents . I did not sign any papers and didn't know anything about the purchase . Purchase price $ 230K , mortgage $ 218 . K for 30 / y @ 3 . 75% , personal loan from his parents $ 35K . for 30 / y @ 10s . ( to cover closing costs ) . Will I be able to claim my 1 / 2 share in the condo in case of divorce ? I would appreciate your advice and clarification ? is it legal at all ?
Divorce / Separation Lawyer
Consult with an experienced divorce lawyer and complete a statement of net worth. Your attorney can go over the entire financial situation with respect to the equitable distribution of marital assets and debts. Appraisal of the property will be necessary.
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2 lawyers agree
Real Estate Attorney
Mr Lutsky gives good advice. Generally any property acquired during the course of a marriage becomes marital property. Your ownership would still be subject to any liens or encumbrances on the property, including the loan from your in laws. Your facts seem to indicate that there may not be any equity in the property if you take the in laws loan into account. The real question is whether despite the in laws loan to your husband are they treating it as a " de facto " gift. Good-luck.
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Real Estate Attorney
You need to consult with a divorce attorney. While you may be entitled to some share in the property it is not automatically 1/2 as you seem to indicate as New York is not a community property state. New York is an equitable distribution state which basically means a judge can divide assets in any mannor he feels is fair and equiatable given the circumstances of the parties. In this case there may not be any equity in the home so there may not be anything to split up. Consult with a divorce attoreny immediately.
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