FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
My wife and I are living in the same house, not separated. We are both aware of severe problems in the marriage. Within a day or two I will discuss with her that I am leaving.
I put an offer on a nearby house (to be near our son) that was accepted. I was "pre-approved" for a mortgage based on my salary alone, including 17% subtracted for child support. The downpayment will be a gift from my father. Closing date is still 5 to 8 weeks away.
Will this new house be considered "marital property" in New York State?
In order to maintain this property as separate property and not marital property, you must put only your name on the deed ( not with your wife), use only funds which you received as a gift from your father, and do not use additional funds which you acquired during the course of the marriage to pay for the balance of the cost of the property.
If you are living in the New York City metropolitan area, I strongly suggest that you call me at 212-370-1660 to discuss mediating your divorce which will save you time, money, and much aggravation.
Leonard M. Weiner, Esq./Divorce Solutions