QUESTION
Is spouse always entitled to property purchased during marriage-Looking to protect assets purchased & mostly paid by myself(ie.house)
Asked on Mar 07th, 2015 on Family Law - New York
More details to this question:
I'm a NY homeowner purchasing a home in Fla with HELOC on current home & looking to protect my assets from my husband who originally signed a waiver on the first house. Many years ago he didn't want his name on the title at closing because he wanted to copy his married friends who purchased homes under their own separate names. Years later, he's never purchased a home & is trying to buy a house from the HELOC leaving me to incur this debt as he purchases a house free & clear. At this point I'm looking for a way to protect my assets while still married. Would setting up a Corporation then purchasing under the corp name provide me the needed protection? Would it be legal to purchase that property under my kids name(9,15,19) then declare myself as the guardian of that property & would that option offer me the protection I seek? Are there other legal options/loophole to protect my assets. Does making repairs,paying taxes the last 3yrs entitle him to the NY house without his name on Title?
1 ANSWER
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Typically in New York any property purchased during the marriage, regardless of title, is considered marital. If you bought the NY home during the marriage it may be considered marital REGARDLESS of whether it is only in your name. So, if he buys a property in Florida during the marriage, in NY it will be viewed as marital REGARDLESS of whether your name is on it.
If you wanted to enter into a post-nup, and you both agree, you could try to carve out who owns what and define what property is marital in such an agreement.
Hope that helps. Good luck.
Answered on Mar 11th, 2015 at 12:20 PM