i own my co op
Started by mredmred
over 18 years ago
Posts: 2
Member since: Jul 2007
Discussion about
that is, it is in my name and my name alone all the papers have my name only if i divorce my spouse does he have a right to my share of the co op or is the co op mine and mine alone under new york state / contractual law??
shares in a coop are personal property and would be subject to divorce settlement. she/you can force a sale of the shares/unit if she/you requests and the judge agrees--probably done where husband not liquid enough to pay the settlement. you cannot simply just stay in the unit unless a judge orders same or your husband who likely bought the place allows it.
#2 can you elaborate more clearly - are you saying is that even though the place is in the OP's name, she may have to split the value with her husband in the event of a divorce?
OP I think you should clarify whether you bought the place before getting married; I think that makes a difference in the divorce settlement - any legal experts here?
If you divorce your spouse...you're not very hopeful of the marriage working. See a lawyer and don't bother with people's opinions,like mine.
My understanding is that NY divorce law makes a distinction between assets acquired before and during the marriage. The guiding principle is that, upon a divorce, assets acquired during the marriage are split equitably between the couple, but assets owned prior to the marriage are retained by that individual. This is how my lawyer explained it to me, but you should seek professional advice.
You should definitely talk to a lawyer not this message board. I believe it would depend on if you have a prenup or not. If you are married my understanding is all of your property is joint property regardless of whose name is it in, but a prenup could protect you.
If the spouse is paying, or paid, a share of the mortgage and maintenance an argument could be made that the apartment is no longer "seperate" property and therefore subject to an "equitable" divisision during divorce proceedings.
Unless you very clearly not only owned the apartment in your own name, paid solely for mortgage and maintenance, and paid for any improvements, an argument can be made that the property has become, in essence, jointly owned.
Couples therapy is a lot cheaper then divorce proceedings and giving over half your assets...