Divorce and Property !!??

tam98 said:

What is the name of your state? Tennessee
When we were engaged my fiance bought a house in his name but still owe 3/4 of the price of the house he only put a payment down. We lived there together and he paid payments with the money while we were married. Is that marital property??? It isn't paid for but there is some equity.

Thanks Tammy

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sh39plus said:

No law expert here but common sense says if he plunked down the 25% downpayment on the house from his own savings, that is, if you can not show the judge that you contributed to that downpayment, you can not claim any part of that money at the divorce settlement unless there is a written agreement between the two of you.

For the sake of argument, let's keep the numbers round, to simplify the case

house value at purchase time: $100,000
downpayment he put : $25,000
house value at divorce time: $120,000
mortgage balance left on the house: $65,000

house sold $120,000
paid off mortgage - $65,000
money at hand: $55,000
minus his downpayment (due him) - $25,000
net profit $30,000

in the simplistic scenario, you each get $15K before you go on your merry way. In some states, he may be granted interest income on his $25,000 downpayment from the date of purchase to the date of sale, which may diminist the net profit a little bit.

my two cents

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Ohiogal said:

Read her other post. Apparently she was divorced already and her "husband' has remarried. So hence if she was not awarded anything in the divorce then she is not entitled to anything now.

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