Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 7 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).
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.