Family Law Myth #2: "I bought it in 'my name' so it’s mine."

Here is another one of the "Top Ten Common Myths in Family Law." The entire list is available here:
http://www.nataliegregg.com/top-ten-myths-in-family-law/

Myth #2:
I bought it in “my name” so it’s mine.

Simply purchasing a car, house, boat or other real property under your name does not mean that you have 100% ownership.

Names are important in matters of financing a home or a vehicle, as they are usually the source of credit for such purchases. However, just because the property title reads: “Jane Smith,” it does not necessarily mean that Jane Smith owns it outright. If Jane was married to Joe when she purchased the item, Joe is potentially entitled to 50% of the ownership of that item. So don’t assume that names = ownership.

To read about the other commonly held myths related to family law, click here.