Home equity - who has right to it? - Bought home while single

[MDVAguy]

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



Cliff Notes version:

I purchased home myself, while single
Married 1 year later, and shared residence with new wife
Got a job in Virginia
Sold home in Maryland
Used all equity from the sale to purchase new home in Virginia, several years ago
Money trail: home sale in MD > xfer to Bank in VA > gave check to company during settlement of home purchase
*Now getting divorced

Do she legally have right to the pre-marital equity, or does she legally have rights to the house in Virginia?

Thank you for your time

 

[Ohiogal]

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



Cliff Notes version:

I purchased home myself, while single
Married 1 year later, and shared residence with new wife
Got a job in Virginia
Sold home in Maryland
Used all equity from the sale to purchase new home in Virginia, several years ago
Money trail: home sale in MD > xfer to Bank in VA > gave check to company during settlement of home purchase
*Now getting divorced

Do she legally have right to the pre-marital equity, or does she legally have rights to the house in Virginia?

Thank you for your time

Is she on the deed to the house in Virginia? She has a right to some portion of the equity in the house. How long have you been married?

 

[LdiJ]

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



Cliff Notes version:

I purchased home myself, while single
Married 1 year later, and shared residence with new wife
Got a job in Virginia
Sold home in Maryland
Used all equity from the sale to purchase new home in Virginia, several years ago
Money trail: home sale in MD > xfer to Bank in VA > gave check to company during settlement of home purchase
*Now getting divorced

Do she legally have right to the pre-marital equity, or does she legally have rights to the house in Virginia?

Thank you for your time

You only owned the Maryland house for 1 year prior to getting married. The equity that existed as of the date of your marriage is the only pre-marital equity that ever existed.

However, when you comingled that equity into the new home, that threw a spanner into the works...so she may end up getting a full 50%.

 

[single317dad]

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



Cliff Notes version:

I purchased home myself, while single
Married 1 year later, and shared residence with new wife
Got a job in Virginia
Sold home in Maryland
Used all equity from the sale to purchase new home in Virginia, several years ago
Money trail: home sale in MD > xfer to Bank in VA > gave check to company during settlement of home purchase
*Now getting divorced

Do she legally have right to the pre-marital equity, or does she legally have rights to the house in Virginia?

Thank you for your time

Your wife will receive an equitable share of all marital assets (not necessarily an equal share). In my opinion, the Virginia home will be considered a completely joint asset for the purposes of property division.

 

[latigo]

You only owned the Maryland house for 1 year prior to getting married. The equity that existed as of the date of your marriage is the only pre-marital equity that ever existed.

Your cup runneth over with perspicuity. Amazing how quickly you perceived that pre-marital equity means equity accumulated before matrimony.

However, when you comingled [sic] that equity into the new home, that threw a spanner into the works...so she may end up getting a full 50%.

Unfortunately here cup spill over with misspelling and flawed, unschooled guesswork. Because had you been properly schooled you might have learned that property (real or personal) acquired in the exchange for a spouse's separate property (real or personal) is not, per se, transmuted into marital property! *

Not even if the property received in exchange is taken in the names of both spouses. Not as long as the source can be traced back to separate and there is no indication of gift to the marital estate.

____________________________


[*]Virginia State Code § 20-107.3

1. Separate property is (i) all property, real and personal, acquired by either party before the marriage; (ii) all property acquired during the marriage by bequest, devise, descent, survivorship or gift from a source other than the other party; (iii) all property acquired during the marriage in exchange for or from the proceeds of sale of separate property, . . . .

 

[LdiJ]

Your cup runneth over with perspicuity. Amazing how quickly you perceived that pre-marital equity means equity accumulated before matrimony.



Unfortunately here cup spill over with misspelling and flawed, unschooled guesswork. Because had you been properly schooled you might have learned that property (real or personal) acquired in the exchange for a spouse's separate property (real or personal) is not, per se, transmuted into marital property! *

Not even if the property received in exchange is taken in the names of both spouses. Not as long as the source can be traced back to separate and there is no indication of gift to the marital estate.

____________________________


[*]Virginia State Code § 20-107.3

1. Separate property is (i) all property, real and personal, acquired by either party before the marriage; (ii) all property acquired during the marriage by bequest, devise, descent, survivorship or gift from a source other than the other party; (iii) all property acquired during the marriage in exchange for or from the proceeds of sale of separate property, . . . .

Notice the "may" in my statement?...and the whole issue that these transactions took place during a major upheaval in the real estate market?