Pre-owned Family Home

[HayIsForHorses]

What is the name of your state (only U.S. law)? CA

Is a home owned by my spouse for 2 years, prior to our 8 year marriage, still considered community property? Am I still entitled to equity in the residence?

Thank you for your help.

 

[LdiJ]

What is the name of your state (only U.S. law)? CA

Is a home owned by my spouse for 2 years, prior to our 8 year marriage, still considered community property? Am I still entitled to equity in the residence?

Thank you for your help.

Perhaps...the home is your spouses separate property but if marital funds were used for the mortgage or to maintain it then you would be entitled to 1/2 of any equity that accumulated during the marriage. However, in today's housing market that may not be much.

Keep in mind that home values have dropped dramatically. There is a chance that the home isn't worth much more than s/he paid for it originally...and might even be worth less.

 

[nextwife]

Perhaps...the home is your spouses separate property but if marital funds were used for the mortgage or to maintain it then you would be entitled to 1/2 of any equity that accumulated during the marriage. However, in today's housing market that may not be much.

Keep in mind that home values have dropped dramatically. There is a chance that the home isn't worth much more than s/he paid for it originally...and might even be worth less.

And the split would be only of equity ACCRUED during the marriage, not equity via original down payment or pre marital value increase in value, if any. So if he sold a previous house and put 40% down, that 40% is premarital.

Minor maintenance, penny ante stuff one may do even in a rental, may not make it marital. But if he used marital funds to make IMROVEMENTS, like a new bath or windows, that would be comingling.

 

[mistoffolees]

And the split would be only of equity ACCRUED during the marriage, not equity via original down payment or pre marital value increase in value, if any. So if he sold a previous house and put 40% down, that 40% is premarital.

Minor maintenance, penny ante stuff one may do even in a rental, may not make it marital. But if he used marital funds to make IMROVEMENTS, like a new bath or windows, that would be comingling.

Or, more commonly, use of marital funds to pay the mortgage, taxes, etc.

Note, also, that even if the home value didn't increase, the equity has probably increased as they are paying off the mortgage, so even if home value is the same as 8 years ago, OP may be entitled to 1/2 of the increase in equity.

 

[LdiJ]

Or, more commonly, use of marital funds to pay the mortgage, taxes, etc.

Note, also, that even if the home value didn't increase, the equity has probably increased as they are paying off the mortgage, so even if home value is the same as 8 years ago, OP may be entitled to 1/2 of the increase in equity.

I dunno Misto, there are an awful lot of people who once had serious equity who are now upside down on their mortgages...