Distribution of equity


#1

Dear mr fedup:

Greetings. The gift to you was separate property and the gift to your wife was separate property, BUT when you deposited the funds into the marital residence, then it was a gift to the marriage and became marital equity in the jointly titled real estate. Thank you.

Janet L. Fritts
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

301 McCullough Drive Suite 510
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

thank you very much ms./mrs. fritts
just wanted to make sure before i pursued it.


#3

i have looked thru the past 30 some odd pages, and just decided to ask.
my wife’s parents each gifted us the max amount for tax purpose so we could have a decent down payment on our house. does it matter who gifted the money since it was during our marriage and the same amoutn was gifted to both of us?
thanks