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strykr

Pre-Marital Property

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We live in state of New Jersey...My husband and I are married for 7 years and currently going through the divorce from past one year....My husband had a pre-marital condo which he bought 3 months prior to our marriage... We stayed there for couple of months and put it on rent. 

 

- We have been paying the mortgage and HOA for the condo from our joint bank account from past 5 years...In total it's close to $122k that we paid together from the joint funds...I have all the bank statements and other evidence for the same. My question is since it's a pre-marital property but we have paid so much of money together... Will i get any share? I am representing myself in the court but i am unable to find any law that states on the pre-marital asset that has been paid out from joint marital funds. 

 

Any help and guidance is greatly appreciated! If there are any reference articles that can be shared from law that explains this situation... 

 

 

 

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Since you have been paying the mortgage out of marital funds, you will have earned a share of the equity of the property.  What that share is, exactly, depends on factors such as the original purchase price, the value of the property when you married, and the value of the property at the time of the divorce.  Since it's a rental property, you'll probably also have to figure in maintenance expenses and depreciation.  You also may have a share of the rental income.  Your attorney and accountant or financial advisor can help you work out the numbers.

 

Whatever your share works out to be, your husband will have to cover it out of his share of other assets.  If there aren't enough assets to cover it, the property may have to be sold.  I strongly suggest you consult a good divorce lawyer to make sure to don't short yourself in the settlement.

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On 5/27/2018 at 10:14 AM, strykr said:

going through the divorce from past one year.

 

Not sure what "from past one year" means.

 

 

On 5/27/2018 at 10:14 AM, strykr said:

Will i get any share?

 

Probably.

 

 

On 5/27/2018 at 10:14 AM, strykr said:

I am representing myself in the court but i am unable to find any law that states on the pre-marital asset that has been paid out from joint marital funds.

 

When you say that you cannot find any law, are you referring exclusively to statutory law?  If so, that's not surprising.  You probably will need case law and probably will need to spend some quality time doing research at a law library.  Your post suggests to me that your decision not to hire a lawyer is a bad one.

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Thank you Sir! Appreciate your response and guidance. Indeed very helpful.....

 

I looked at the paperwork and here's the approximate numbers ....

 

Condo Appraised value at the time of marriage - $245k 

Maintenance expense & depreciation as per the taxes  - $43k as of 2017

Rental Income from the time of marriage till divorce - $ 180k

Condo Appraised value at the time of divorce filing ---  Husband refused to do this

 

Equity on the condo after loan pay off - $100k 

 

We have paid $122k from joint account ... All i am requesting is getting my $60k .. do you think i stand a chance?

 

 

 

 

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In my state (not NJ), the non-owner spouse is generally entitled to 50% of the amount by which equity increased as a result of the use of marital assets to pay down the mortgage during the marriage (that's a VERY simplistic summary of how it actually works, but it suffices for present purposes).  I don't know how it works in NJ, and no NJ lawyers follow these boards AFAIK.  I strongly suggest you at least seek a consultation with a local family law attorney.  One of the things you should discuss is whether you might successfully petition the court to have your husband pay your attorneys' fees.

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