Buying a condo in NY State: who owns it?

Q: Hi, I am married. In NY if I buy an apartment with money that comes out from an account that belongs only to my name, who owns the property? It belongs to me, the one who puts up the money, or does it also belong to my wife because we are married? If it belongs to both of us, what happens if my wife dies? Would the property be 100% mine or would her children also be entitled to it?

A: Property bought during a marriage is considered a “tenancy by the entirety” – meaning its presumptively marital. As such, it presumptively belongs to both of you irrespective of title. I cannot answer your query regarding the Estate issue – as that question would need to be posed to a Wills/Estates attorney. For more information, call a Westchester family law attorney.