mini
recently joined
Reged: 12/06/05
Posts: 2
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I bought my home before we got married and never put my wifes name on house or mortgage. Seeking divorce after 5 year marriage in California and wonder if I still own the property 100%? She did not sign any quit claim but does it matter? If I do own it outright or what ever he situation is can I legaly put my property in a trust to protect it with out her?
Any help would be great.
Thanks!
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Cinder2
Carpal \'Tunnel
Reged: 06/02/05
Posts: 4335
Loc: Southern California
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In California, each of you would own 50% of the equity that developed during the marriage. So if the house was $200,000 when you married and $400,000 now, then you would get $300,000 and she would get $100,000. This type of calculation is well established in the courts in California. The only way to protect yourself is with prenuptual agreements.
Cinder
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mini
recently joined
Reged: 12/06/05
Posts: 2
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So, my home is still my right to stay because it is only in my name right? It just what I would owe her share in numbers. Can I legaly put my home in a trust with out her?
Thanks!
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Cinder2
Carpal \'Tunnel
Reged: 06/02/05
Posts: 4335
Loc: Southern California
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Mini,
No, I'm not saying that you would have the right to stay. I was just pointing out how the numbers would work. You are not going to be able to put the property in a trust to escape this. It really depends on how long ago you bought the property and how much equity you have in it as to what a judge would think of this.
For example, if you bought the house ten years before you got married and then got married and lived in it for another five years, then you will mostly likely have a lot more equity in the house than your wife does, plus you lived there three times as long as she did. Most judges would rule that you buy her out.
For example, if you bought the house six months before you got married and you lived together before you got married and then you still lived there for the next five years, the judge is going to think that she's entitled to half of it. The judge might rule either way on who gets to keep the house.
Do you see the difference?
Cinder
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Pete
member
Reged: 12/30/04
Posts: 132
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The law is explicitly clear. Once you married, it became a marital asset regardless of whose name is or is not on the title. She is entitled to equity appreciated since the marraige (either by way of increased value or by reduction of principal balance)
You cannot put the home in trust without her as she can still get a piece of it in the divorce judgment. Not to mention that hiding assets for purposes of short changing a spouse in a divorce could cost you way more than her share in legal fees and sanctions for the attempted trickery.
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Integrity is doing the right thing when no one is looking.
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movinon
recently joined
Reged: 12/16/05
Posts: 1
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My wife and I bought our house before we married. We each paid 50% of every cost associated with the house. The deed showed each of us as a "sole" owner.We both continued to pay 1/2 of the mortgage as well as all living expenses. Can she get the house in a divource (witout paying me 1/2 of its value? We live in Virginia.
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Cinder2
Carpal \'Tunnel
Reged: 06/02/05
Posts: 4335
Loc: Southern California
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If you file a no-fault divorce, then Virginia is a equitable property state. Property can be distributed according to each person's "needs". Theoretically, your wife could get more than half of the property if the court felt she needed it.
Also, Virginia has Fault divorces, so if you file with fault (like adultery), then the property can be divided in a way to punish the person as fault. So if you cheated on your wife and she could prove it, then she could be awarded more than half of your property.
If you and your wife both have jobs that pay about the same and you are filing no-fault, then there should be no problem with splitting everything equally.
Cinder
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