AHEARN v. AHEARN (App Div, 2nd Dep’t)
The Appellate Court affirmed the decision of the lower court which held that the parties’ Holbrook home constituted marital property and also held that plaintiff was entitled to a credit for the $143,000 in separate property funds used for the initial purchase of said Holbrook home.
In June 1996, nine months prior to the parties’ marriage, the plaintiff purchased a house in Patchogue. In December 2004, the plaintiff sold the Patchogue house and used the $143,000 in net proceeds to fund the purchase of the Holbrook home three months later, in March 2005. The plaintiff’s name was on the deed, but, at the time of trial, both parties were listed on the mortgage. The lower court properly determined that the Patchogue house constituted plaintiff’s separate property and therefore, plaintiff was entitled to a separate credit equal to the proceeds used to purchase the subsequent Holbrook home.