If I purchase property solely in my name and there is a divorce after the purchase, would the property be split?
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If I purchase property solely in my name and there is a divorce after the purchase, would the property be split?
What if the property was purchased solely through my personal account? Also, can I purchase property solely in my name if I am married?
Asked on August 16, 2011 Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The general rule (and there are always exceptions) is that property purchased during a marriage is considered to be marital property regardless of whose name it is listed in. You can indeed purchase property solely in your name but that does not mean it will be considered separate property or that the bank will allow you to obtain a mortgage solely in your name. Also remember that money earned during a marriage is generally a marital asset and so if you used that income then it is hence marital property. I think that you need to get some legal consultation here on your rights and liabilities based upon your financial situation. Good luck.
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