House Is In One Person’s Name Only
Many people ask me, “My house is in my spouse’s name but we are getting divorced. What does this mean for me?” In the event that you and your spouse will be filing for divorce, there are many factors that need to be assessed to determine the division of assets.
If the house is in one person’s name, it means that everything has to be looked at as to how the house was purchased, when it was purchased, whose money was used for the purchase, and who’s been paying the mortgage if there has been a mortgage since the purchase. It does not necessarily mean that the house goes automatically to the person whose name is on the deed.
If the home was purchased under their name but during the time that you were married, it will be considered a marital asset. Another aspect that should be considered is that if the house was purchased using a combination of funds or income that were earned by both parties, the house may also be considered a marital asset and is available for negotiation during the division of assets.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.