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Property Question

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hello01

Junior Member
What is the name of your state (only U.S. law)? Michigan

I am currently not married, however I have a question regarding home ownership.

I currently own a home that I completely paid for in cash, there is no mortgage, and the home is in my name only.

If I were to marry and it were to end in a divorce, could my ex-wife take my home from me even though I owned the home and had it completely paid off before we were married and it is in my name?

Thanks in advance.
 


LdiJ

Senior Member
What is the name of your state (only U.S. law)? Michigan

I am currently not married, however I have a question regarding home ownership.

I currently own a home that I completely paid for in cash, there is no mortgage, and the home is in my name only.

If I were to marry and it were to end in a divorce, could my ex-wife take my home from me even though I owned the home and had it completely paid off before we were married and it is in my name?

Thanks in advance.
She could not take the home itself from you. However, if the home is maintained and taxes paid using marital funds (current income) then she would be entitled to 1/2 of whatever equity (appreciation) accrued during the marriage.

Example:

The house appraises at 200k when you get married. You divorce 5 years later and the house appraises at 230k. The Marital equity is 30k, and she is entitled to 1/2 of that, or 15k.

If you use premarital funds to maintain the home and pay the taxes (ie premarital savings) then she would not be entitled to share in any accrued equity.

Avoid mixing any premarital assets with marital assets. If you have premarital savings, keep those in a separate account.
 

nextwife

Senior Member
Were I entering a marriage with a free and clear home, I'd spend money on an attorney familiar with the marital property laws of my state to discuss a pre-nuptual agreement that lays out the home as a premarital asset and clarifys what would keep it separate and non comingled (example, paying property taxes from investment income earned from premarital savings or inheritance funds))
 

mistoffolees

Senior Member
Were I entering a marriage with a free and clear home, I'd spend money on an attorney familiar with the marital property laws of my state to discuss a pre-nuptual agreement that lays out the home as a premarital asset and clarifys what would keep it separate and non comingled (example, paying property taxes from investment income earned from premarital savings or inheritance funds))
I agree with spending money on an attorney.

It may not be necessary to have a pre-nup if there are sufficient premarital savings or inheritance to pay the taxes, maintenance, etc from premarital funds, although I'd want to ask the attorney to make sure and then maintain a flawless paper trail for all expenses.

The only reason I suggest that alternative is that some people have an aversion to signing a pre-nup because it's 'unromantic' or something like that.
 

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