FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
I'm 55 years old and have recently separated from my husband. Presently, I live with my daughter at the family home. For the last 8 years my daughter has contributed to paying for the house but has yet to receive any compensation for doing so. Recently, she has asked to receive 20% equity on the house as compensation and both my husband and I feel this is appropriate. My question is if my daughter ends up owning 20% of the house, I own 40% and my husband owns 40%, can my husband force me to sell the house if we were to get a divorce or does the fact that he now owns less than 50% preclude him from this? In other words, does it matter if the ownership structure of an asset is not 50%/50%?Answer:
Hopefully my question isn't too convoluted.
The percentage of ownership of the property is not the determining factor. The court will consider the need to sell the residence in order to provide funds for each of the parties. You may be able to acquire his portion of the property by providing him with some other equally valuable asset. By introducing your daughter as an additional owner. you are making the possibility of sale more difficult for the court to order. The court will struggle to find jurisdiction over your daughter, in order to force her to sell her portion.Back to content
If you are living in the New York City metropolitan area, please call me at 212-370-1660 to arrange for a meeting to discuss the matter at greater length.
Leonard M. Weiner, Esq./Divorce Solutions