If I’ve owned my home for 30 years and remarried about 10 years ago and sell it but buy another house using only my money, is the new home a 50/50 ownership?

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If I’ve owned my home for 30 years and remarried about 10 years ago and sell it but buy another house using only my money, is the new home a 50/50 ownership?

Asked on July 6, 2015 under Family Law, New Jersey

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 5 years ago | Contributor

The answer to your question depends upon many variables, none of which have been addressed. Do you live in a community property state or equitable distribution?  How is title registered.  If you placed your wife's name on title, you may have made a gift of equity.  The answer depends upon the law of the state in which the property is located.

I would suggest consulting with an attorney, locally, to determine your rights.  The local county or State Bar association may be able to recommend none for a consultation at a reasonable rate.


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