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If I Spent Award Money On New Home Can I get it Back if Sold?
Anonymous3 views2 answers
I received award money from an auto accident a few yrs. ago and put $27 grand of the money for a payment on a new home $7500 of that money went to pay off my husbands credit cards. If the house were to be sold or my husband and I get a divorce would I be allowed to get the $27 grand back that I put down on the house since it was award money?
Thanks for your time and Help,
Sue
Usually, if you can show the money was from a personal injury case AND you kept it separate in an account in your name and used it only around when you purchased the house you can get a dollar for dollar credit. If you mixed it in with other marital monies, salaries, other deposits it is less clear. So the real answer is you need to consult with an experienced matrimonial attorney and discuss the details.
VCery difficult question to answer without more information. Generally, if seperate property is used to purchase property, it remains seperate unless comingled. Meaning, if you meant it to be owned by both of you it will likely be considered to be a marital residence and split accordingly during equitable distribution. Even still, if you can prove the source of teh funds, you may be able to get a credit for such. You should consult a divorce attorney that practices in your county.
