Marital Property After Split?

[luvurself]

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

My STBX and I have been married for 4 1/2 years. We recongnized that our marriage is over and have an amicable split. We decided that he would keep the marital home but I would live in it with our 3 children until I was able to purchase a home of my own (he has moved out and lives with a relative). Now my question is, would the home I purchase be considered marital property even though none of the down payment or closing costs funds came from him?
We do not have any joint bank accounts (never did) and my paycheck is direct deposited into my own personal account.
He does not and never did have access to my personal account and vice versa.

 

[Ohiogal]

Yep. It would be marital property if bought with marital funds whether or not he gave you any of the money or paid for with marital income. HOWEVER it would be very little equity in the home that he would qualify for most likely.

 

[luvurself]

Yep. It would be marital property if bought with marital funds whether or not he gave you any of the money or paid for with marital income. HOWEVER it would be very little equity in the home that he would qualify for most likely.

My STBX thinks that I'm not entiltled to a % of the home we currently own because I've never paid the mortgage and my name is not on the deed nor the mortgage. How does the whole equity aspect of the house work? Is it from when we split or when our divorce becomes final?

 

[LdiJ]

My STBX thinks that I'm not entiltled to a % of the home we currently own because I've never paid the mortgage and my name is not on the deed nor the mortgage. How does the whole equity aspect of the house work? Is it from when we split or when our divorce becomes final?

First, do not buy a home until your divorce is final. Its simply not a wise thing to do. It just unnecessarily complicates things. Do not even put an offer down on a home unless you are sure that the divorce would be final prior to closing.

Your husband is incorrect that you would not be entitled to any percentage of the equity in marital home due to the fact that you are not on the mortgage or the deed. You would be entitled to a share of the equity that accrued during the marriage. However, since you have only been married 4 1/2 years, AND the housing market has tanked, its possible that there is no real equity in the marital home....in fact, its even possible that your husband could be a tad upside down on the mortgage if forced to sell now.

 

[luvurself]

First, do not buy a home until your divorce is final. Its simply not a wise thing to do. It just unnecessarily complicates things. Do not even put an offer down on a home unless you are sure that the divorce would be final prior to closing.

Your husband is incorrect that you would not be entitled to any percentage of the equity in marital home due to the fact that you are not on the mortgage or the deed. You would be entitled to a share of the equity that accrued during the marriage. However, since you have only been married 4 1/2 years, AND the housing market has tanked, its possible that there is no real equity in the marital home....in fact, its even possible that your husband could be a tad upside down on the mortgage if forced to sell now.

Ummm...a little too late. I close on my house at the end of this month (definately no equity there).
I don't think there's any equity in the home I currently live in. Would one of be required to have an appraisal done?

I know it was crazy to purchase a home before our divorce was finalized, but this was the only way i would have been able to save the money needed. While I lived in our marital home with the kids, he continued to pay the mortgage and I just payed house bills and groceries. And around here, the average cost of rent is $750-$850. My mortgage payment is right in the middle of that.

 

[luvurself]

Would one of us be required to have a apparisal done?

 

[LdiJ]

Would one of us be required to have a apparisal done?

Not if you both agree that each keeps their own house....and at this point, its wiser to just agree.

 

[luvurself]

Not if you both agree that each keeps their own house....and at this point, its wiser to just agree.

Ok. Thanks for your help!