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Advice on house purchase and possible seperation

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enforcer83

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

Ok im on the in and outs with my wife for awhile now nice I returned from my 18month deployment last year. currently she is living with me and we are trying to make it work. im in the process of looking for a house in my name with only me paying the mortgage and with seperate accounts. If she decides to leave after I get the house say after a year with no equity on the house can she still get half of everything? and if so is there anything I can get signed from her possibly ( if she would sign) that would take this chance of her taking half the house? She is not all out for taking stuff but you never know.
I keep hearing that Florida is a common property state and no matter what she is entitled to half. Is there a loop hole please help!



Thank you

Travis
 


LdiJ

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

Ok im on the in and outs with my wife for awhile now nice I returned from my 18month deployment last year. currently she is living with me and we are trying to make it work. im in the process of looking for a house in my name with only me paying the mortgage and with seperate accounts. If she decides to leave after I get the house say after a year with no equity on the house can she still get half of everything? and if so is there anything I can get signed from her possibly ( if she would sign) that would take this chance of her taking half the house? She is not all out for taking stuff but you never know.
I keep hearing that Florida is a common property state and no matter what she is entitled to half. Is there a loop hole please help!



Thank you

Travis
When marital assets are divided, and include a home, car, or other items with financing, only the equity in the item is subject to division. So, if you were to buy a house in your name only, then only the equity in the home that accrued during the marriage would be subject to division. If the home has no equity, there is nothing to divide.

However, any assets that accrue during the marriage (real estate, bank accounts, retirement accounts, stocks and bonds, furniture, cars etc.) are all subject to division, no matters whose name they are in. The only value to keeping things separate is that you don't have to deal with refinancing issues on things like houses, cars and other big ticket items unless you have to refinance to buy out the other's share of the equity, and when it comes to cash equivalent assets, you each have something separate to draw from until things are settled in a divorce.

Of course the same holds true equally for debt accrued during the marriage.
 

enforcer83

Junior Member
Thank you for the advice, were are going to work on counseling I am just worried about after the counseling and what if everythign goes ok for a year or two then she decides she is done? I know we never know this in a marriage I am only trying to CYA I guess. The only reason why I am looking for a house is because im ready to stop renting and my lease is up in about 90 days. take for instance I pay 911.00 for a one bedroom Apartment. I can get a 3/2 bedroom house in the city I reside for the same or less monthly mortgage.


Travis
 

ecmst12

Senior Member
If you buy a house while married, it will belong to both of you. Wait to buy until you know where the marriage is going. Not to mention that buying a house is a VERY stressful process which could shatter your already fragile relationship. Get your priorities in order.
 

LdiJ

Senior Member
If you buy a house while married, it will belong to both of you. Wait to buy until you know where the marriage is going. Not to mention that buying a house is a VERY stressful process which could shatter your already fragile relationship. Get your priorities in order.
I honestly don't agree with that. If they don't buy the house together, and he doesn't buy more house than he can afford on his own, its not such a huge deal. With all of the tax advantages of home ownership, particularly the first time homebuyer credit, its not necessarily a bad move.

However....he needs to be aware that to be entitled to a first time homebuyer credit, or the new upgrade credit he needs a signed purchase agreement prior to 4/19/10, and needs to close prior to 6/30/10.
 

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