NEW YORK, March 21, 2011 (NYDN) – When it comes to the marital home and divorce, in most cases if the couples purchased the home after the date of the marriage each spouse will be entitled to 50% of the equity or value of the home. That is in most cases, so you should always have an experienced lawyer on your side. What happens if the martial home was given to you and your spouse as a gift during the course of your marriage? If a third party such as a relative bought the martial home, things may get a little tricky in the divorce proceedings.
In the case of equitable distribution of assets, even though the martial home was a gift, it may still be viewed as martial property. This would mean that the equity in the home would then be split 50/50. That is not always the case though. If the home was purchased by a third party and the deed of the home is in only one party’s name, the person whose name the house is deeded to may have the upper hand. Although the court may still deem the home as marital property. The general rule appears to be that if the marital home was gifted or left in an inheritance to one spouse alone and not jointly, then that property is the separate property of that spouse.
The bottom line here is here is that even if your spouse has inherited or received a gift of property, you may still be entitled to your equitable share of that property. If your spouse after placed both your names on the title of that property even though it was a gift or made solely to your spouse, you may still be able to benefit from the equitable distribution. Consult with an attorney for further clarification.
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