Wht is considered to be marital property?
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Wht is considered to be marital property?
My husband and I bought a house 4 days before we got married. Both of our names are on deed of the house (as joint tenants). We both contributed toward the mortgage for the last 23 years. We are now in process of a divorce. Is the house considered a marital property?
Asked on July 14, 2012 under Family Law, New York
Answers:
Russ Pietryga / Pietryga Law Office
Answered 12 years ago | Contributor
Yes it is marital property. Moreover, homes usually fall into the sub-category of real property. Wherefore, as yo discuss the possible resolution of he real property issue, carefully consider some of the most common pitfalls:
One of the biggest pitfallss is the faliure to include important time requirements in a real property clause and porvide contingencies if those time requirements are not adhered to. If the home is sold, what happens if it is not even listed for several years?
Many practitioners do their clients a disservice by not counseling them concerning their ongoing mortgage liability when the client deeds their legal interest in real property to the other party. The problem is that if a person remains liable on the mortgage after the divorce, they may not have enough income to qualify for a loan to purchase their own home. In addition, their credit can be negatively affected based upon the payment habits of the other party, and if the other party defaults, then the creditors can obtain judgements and collect aganinst the other parties income and property.
I hope this helps.
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