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RavenIris6
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Reged: 04/24/08
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proceeds from house sale?
      #393798 - 04/24/08 06:31 PM

I'm new here and was hoping some of you could help me with a question. Things are not going well with my marriage and I fear that there may be a divorce in the near future. I bought a home in 1999 before my husband and I got married. The home was in my name alone and the mortgage was also in my name alone. My husband and I married in Sept 2001. In 2007, I sold the home and made approximately $20,000 that I put in a savings account. The savings account is in my name but was opened in December 2007. Since the home was in my name alone and the $20,000 was from that sale, would the $20,000 be considered marital property? Would I have to split the $20,000 with my husband if we were to get divorced? Any help that anybody could offer would be appreciated. Thanks.

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GMan42
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Re: proceeds from house sale? [Re: RavenIris6]
      #393875 - 04/24/08 08:26 PM

Wow, what an easy one. You gave all the pertinent facts! You entered the marriage with personal propery - your home in your name. The property assumably appreciated in value by $X during your 7 year marriage. Your personal property was sold for a gain of $20K including $X. $20K from the sale of your personal property was deposited in your personal account. Therefore it is likely (understand that sometimes fickle judges make these determinations) that your stbx will be awarded $X/2 and you will be awarded $20K - $X/2. This is oversimplified since H could claim cost of improvements funded by joint monies, and of course the value of $X is a little subjective.

So sorry you're here. My best advise: find another way if at all possible.


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Miranda
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Re: proceeds from house sale? [Re: RavenIris6]
      #394515 - 04/26/08 09:55 PM

It would be likely.

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googledad
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Re: proceeds from house sale? [Re: RavenIris6]
      #394537 - 04/27/08 01:30 AM

Would I have to split the $20,000 with my husband if we were to get divorced?

>>>>>>>>> Maybe , it depends on the state you live in .

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Maury
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Re: proceeds from house sale? [Re: googledad]
      #394936 - 04/27/08 10:03 PM

It does not matter whose name the home was in in any state. States have a general presumpption under law that all assets are marital and divided and it is up to the party seeking a differeent division to prove it within the parameters of the laws of the State.

Different states list certain assets as non-marital or separte property. Some list premarital assets in that category. Some do not. Certainly, what happened duringthe marriage has a significant bearing on what occurs. Any equity accrued durung the marriage is likely marital and divided. If you refinanced the home during the marriage, a significant portion of your premarital a interest may have been eroded. If you made capital improvements to the home to increase its value during the marriage, that too would erode any premarital interest. It is certain that there is some marital interest in the home. How much depends on your state statutes.


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RavenIris6
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Reged: 04/24/08
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Re: proceeds from house sale? [Re: Maury]
      #396760 - 04/30/08 07:42 PM

I live in PA if that helps. I was thinking that anything that was purchased prior to the marriage would not be counted as marital assets but I wasn't sure. There was no refinance during the time that we were married and there were no improvements made to the property except by my dad to get the property ready to be sold. Minor things like painting and cleaning were all done by me and my mom and dad. I guess, and I know that this will sound selfish, it irks me that he gets half of what I made on my property and he didn't put any money into it or help when we were trying to get it ready to be sold. He has already told me that he feels that he is entitled to half of that money so I guess I'm stuck. I buy the property and make all the payments on it and he gets to enjoy half of the money. Course I guess that's the way it goes in divorce. Now, just theoretically, if I spent the money while we were still married, and it was gone when I went to file for divorce, would I owe him money that's not there anymore? Just curious how that works. And thanks to everyone that took the time to answer. I really do appreciate the advice and the answers. I hate that our marriage has come to the point where it seems like a divorce is the only thing left, but that seems like where we are at. I'm trying to weigh my options before I do anything rash and I really appreciate hearing all your answers and advice. Thanks again.

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guerino1
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Re: proceeds from house sale? [Re: RavenIris6]
      #398352 - 05/05/08 11:55 AM

Hi RavenIris6,

I'm no lawyer and the best answer is to always speak with your own lawyer about this. However, based on what I've learned about states where there is "Equitable Distribution", there is a very high probability that you will "not" have to split the assets you described with your spouse if you can clearly prove 1) that the assets and their proceeds were all based 'solely' on premarital investments that you made, yourself, and 2) that you did not commingle the assets or their proceeds with other marital assets, during the marriage.

Again, your lawyer should be able to give you a better handle on it. If you did commingle, then you still have a chance of recouping but it definitely becomes far more challenging to do so.

My Best,

Frank


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RavenIris6
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Reged: 04/24/08
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Re: proceeds from house sale? [Re: guerino1]
      #416207 - 06/19/08 07:32 PM

Just wanted to update all of you since you were nice enough to respond to my questions when I asked. I talked to an attorney and found out that because the house was mine and in my name and aquired prior to the marriage, the money was deposited into my account in my name and was not comingled with my husband, the only thing that he is entitled to is the interest that has accrued on the account since that money was put in there. He is entitled to approximately $75.00. According to the attorney though, I'm entitled to half of my husband's 401k account because he had started contributing to it after we were married and I'm entitled to half of my husband's health savings account because he had contributed to that after we were married. I just thought you'd all like to know since I actually consulted an attorney about this matter and this was information straight from his mouth. I'm still hoping that we can work on our problems and that we won't be getting divorced but it's nice to know what you're options are. Thanks again to everyone that took the time to reply.

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