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Q If a son is put on a deed at the time of purchasing a house and he did not contribute financially to the down payment
of the home is he entitled to a third of the profit when the home is apprised at a higher value. Also if he gets divorced does his ex-wife get half of his profit if he is entitled to it by law.
Asked on October 18, 2016 under Real Estate Law, New York
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If he is one of several owners, he is entitled to his share (e.g. 1/3 if he is one of three people on the deed or title) of any equity or profit, even if he has not contributed financially. His share of profits is based on his ownership, not contributions.
And if he divorces, his then ex-wife will get a share of his equity or profit;, call it 1/2, though the exact amount will be set in their divorce settlement (if they can settle voluntarily) of in the divorce decree (if a court decides).