What is the name of your state (only U.S. law)? CA
I am in a situation where my attorney was not able to explain in plain and simple terms but I am going t put down what I understood from him and ask the nice people of these forums if my understanding is correct.
Numbers are rounded for simplification purposes, otherwise not actual numbers. Although ratio between two properties in question is pretty much what it is in my real case.
I have a home I have purchased almost 5 years before getting married. My husband has a home which he purchased 3-4 months before getting married.
At the time of marriage, my house worthed 150K, balance of mtg was 110K
At the time of marriage, my husband's house worthed 180K balance of mtg was 175K
my monthly mortgage payments were $1000/mo
his monthly mortgage payments were $1400/mo
marriage lasted 100 months (give or take few, 100 is just a round figure)
I have withdrawn 50K equity from my property and put it under community property (paid down extra money to the house we purchased which is now in foreclosure)
he withdrew $25K to pay off credit card debt both from premarital and married times
my house value today is 160K mtg balance is 150K
his house value today is 155K mtg balance is 180K
Community money paid 100*1000 = 100,000 mtg payments to the house under my name
Community money paid 100*1400 = 140,000 mtg payments to the house under his name
papers for both of these houses are only one one person either mine or his. We do not have any signatures on deeds or mortgages of these properties. After the divorce, I want to keep my property and don't know what his intention is but I have no say-so on that property
If we say everything else is equal, like we are making the same amount of money, drive the same cars and equally divided the cash in community accounts between the two of us.
for the mortgage payments community paid me 100K
I gave 50K back to community from the equity of my house
for the mortgage payments community paid him 140K
he gave 25K back to community from the equity of his house (provided what he paid off was all community debt)
So, in the end, I owe community 50K to keep this house
he owes community 115K
When all is said and done, is it too optimistic to assume, we each erase 50K community debt and he has to pay me the remaining 65K ? Or if he walks away from that house, will the burden fall on the community ? I.E. I'm going to get shafted ? Or are there other factors like the current values of the houses and other things I may be overlooking will play role in this calculation ? If yes, how ?
Thanks a lot.
I am in a situation where my attorney was not able to explain in plain and simple terms but I am going t put down what I understood from him and ask the nice people of these forums if my understanding is correct.
Numbers are rounded for simplification purposes, otherwise not actual numbers. Although ratio between two properties in question is pretty much what it is in my real case.
I have a home I have purchased almost 5 years before getting married. My husband has a home which he purchased 3-4 months before getting married.
At the time of marriage, my house worthed 150K, balance of mtg was 110K
At the time of marriage, my husband's house worthed 180K balance of mtg was 175K
my monthly mortgage payments were $1000/mo
his monthly mortgage payments were $1400/mo
marriage lasted 100 months (give or take few, 100 is just a round figure)
I have withdrawn 50K equity from my property and put it under community property (paid down extra money to the house we purchased which is now in foreclosure)
he withdrew $25K to pay off credit card debt both from premarital and married times
my house value today is 160K mtg balance is 150K
his house value today is 155K mtg balance is 180K
Community money paid 100*1000 = 100,000 mtg payments to the house under my name
Community money paid 100*1400 = 140,000 mtg payments to the house under his name
papers for both of these houses are only one one person either mine or his. We do not have any signatures on deeds or mortgages of these properties. After the divorce, I want to keep my property and don't know what his intention is but I have no say-so on that property
If we say everything else is equal, like we are making the same amount of money, drive the same cars and equally divided the cash in community accounts between the two of us.
for the mortgage payments community paid me 100K
I gave 50K back to community from the equity of my house
for the mortgage payments community paid him 140K
he gave 25K back to community from the equity of his house (provided what he paid off was all community debt)
So, in the end, I owe community 50K to keep this house
he owes community 115K
When all is said and done, is it too optimistic to assume, we each erase 50K community debt and he has to pay me the remaining 65K ? Or if he walks away from that house, will the burden fall on the community ? I.E. I'm going to get shafted ? Or are there other factors like the current values of the houses and other things I may be overlooking will play role in this calculation ? If yes, how ?
Thanks a lot.
