Q: Purchased a 3 family house in NJ as an investment for me and my 5 yr old (11/2016) and is under an LLC I started in (01/2017)I moved out (04/2016)and flied for divorce (02/2017). The money used for my closing and down payment was given to me by a family member as a gift not from any of my savings. Will that money given to me for down payment be a problem related to my divorce process ? All matters are in my financial paperwork.
A: David’s Answer: It depends – are you looking for a credit of that down payment back before the equity is divided? If so, you’d need to document the source of the down payment. Schedule a consult with a Westchester Divorce attorney for a full assessment.