Property dispute in divorce

[limpy]

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

My Spouse purchased a property 1 month before we got married. If we were to get a divorce what would happen with that house? Since that time we have paid the house off.

Would she have to buy me out?
Would she have the rights to claim it as her house and I would have no rights to the house?

[mistoffolees]

Originally Posted by limpy

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

My Spouse purchased a property 1 month before we got married. If we were to get a divorce what would happen with that house? Since that time we have paid the house off.

Would she have to buy me out?
Would she have the rights to claim it as her house and I would have no rights to the house?

In general, you're going to have to split the marital portion of the equity. How much that is will depend on the answers to a few questions:

1. Whose name is on the deed?
2. How long were you married?
3. What is the current value of the house and what was its purchase price?
4. How was the house paid off? Inheritance or normal mortgage payments from marital funds?
5. What was used to purchase the house? Did you both contribute?

[limpy]

Originally Posted by mistoffolees

In general, you're going to have to split the marital portion of the equity. How much that is will depend on the answers to a few questions:

1. Whose name is on the deed?
2. How long were you married?
3. What is the current value of the house and what was its purchase price?
4. How was the house paid off? Inheritance or normal mortgage payments from marital funds?
5. What was used to purchase the house? Did you both contribute?

1. Her name only
2. 10 years
3. Valued at 280K was purchased for $200K
4. We paid it from marital funds. We paid 2-3K extra a month. We paid it offed in 4-5 years.
5. We had joint accounts but the closing cost came out of my personal account. But the payments were made out of the joint account.

[LdiJ]

Originally Posted by limpy

1. Her name only
2. 10 years
3. Valued at 280K was purchased for $200K
4. We paid it from marital funds. We paid 2-3K extra a month. We paid it offed in 4-5 years.
5. We had joint accounts but the closing cost came out of my personal account. But the payments were made out of the joint account.

Then its going to be considered to be marital property and you are going to be entitled to 1/2 of the home's value. However, you need to make sure that its a true, appraised value. With today's housing market its FMV may be less than you think.