IACONO v. IACONO (App Div, 2nd Dep’t)

The defendant-wife appealed from a Supreme Court decision crediting the plaintiff-husband $105,000 for separate funds which he claimed was used to purchase the marital home.  The plaintiff claimed that he derived $105,000 from the sale of separate property which was then used to purchase the parties’ first marital home which was held jointly and subject to joint mortgage obligations.  In 2001 the first marital home was sold and the proceeds applied toward the purchase of the current marital home.

Upon review, the Appellate Court determined that the alleged $105,000 were converted into marital property because the husband did not establish his entitlement to separate property by offering clear and convincing evidence to substantiate the specific amount claimed or that any comingling of separate funds was created solely for convenience without intention of creating a marital beneficial interest.