First off...If you take the time to read this and provide advice I truly appreciate it. I'm lost on some issues and my attorney has yet to provide any answers. I want to be brief but some back round is needed.
I'm currently in the process of getting a legal separation from my wife. We have been apart for almost 3 years but had nothing legal written up. I have retained a lawyer from the national firm of Cordell & Cordell who have a local office here in my city in the state of New York. The proceedings have been going on since early October. However, I have had only one face to face meeting with my attorney and that occurred early January 2017. We only communicated via email and one phone call.At my meeting with my attorney I finally got to share my thoughts on settlement with her.
I have more questions now then I did then so here are some of those.
I was going to give my wife the house and its contents and take any credit debt incurred during the marriage as mine. In exchange I was asking that she waive any interest in my future pension and monthly maintenance.
However, If she came after the pension or maintenance, I'd be forced to have her buy me out of my share of the house . But here is my dilemma.
After paying on the mortgage for several years my wife's mother agreed to pay off the house if I in turn took my name off the title. I agreed and her mom paid roughly $100,000 and paid off the property. I continued to live there a few more years until we separated in April of 2014.
My attorney states that whatever the house is appraised for I would not have a right to the $100,000 of that figure. She stateed that since my name coming off the title coincided with the mortgage being paid off my her mother they (wife /attorney) would have a strong case to state that the $100,000 was a gift or advance on inheritance. Both of which is not subject to marital distribution.
Is this true? Isn't a parent only allowed to gift a child a certain amount of money a year? If a gift or inheritance isn't it subject to taxes? Like I said I have no desire in the house and would only use it a leverage if she came after my pension/maintenance.
Finally is the value of the house what it is appraised for or what it sells for? If she was forced to buy me out my attorney stated that if the house were appraised for $185,000 I would be allotted $42.500. However if, using my attorney's logic, my wife sold the house for $100.000 the same amt, her mother supposedly gifted her then would I get nothing?
If you took time to answer this I may very well have another question for you but for now thanks so much for responding.
Edited by metpit1 (01/17/17 08:54 PM)