To buy or not to buy

[Patrick2013]

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

Hello,

Not sure, I posted yesterday but have not seen the post come across.

I filed for divorce last week; CO has a 90 day waiting period before the final judgment can be issues.

My parents have offered to loan me money for a down deposit on a house, since I have already filed, if they give me the money now and I purchase a home, can this be used against me during the property split? From what I have read, it appears I should be ok since it was not a parent of the marital property before the filing and the money did not come from any previous martial finances.

Will I be ok to purchase a home during the 90 day waiting period?

Thanks in Advance,
Patrick

 

[wavehopper27]

Can't you just wait the 90 days?

 

[Patrick2013]

Can't you just wait the 90 days?

My lease at my current place is up in 60 days is the issue, and with the typically closing time I would have to go month to month for several months which the would raise the rent by a few hundred dollars, which would drain me. Also I have a a great job offer that I would like to accept, but am afraid if I change job that might affect my possiblities of getting the loan, so the sooner the better.

Patrick

 

[Silverplum]

My lease at my current place is up in 60 days is the issue, and with the typically closing time I would have to go month to month for several months which the would raise the rent by a few hundred dollars, which would drain me. Also I have a a great job offer that I would like to accept, but am afraid if I change job that might affect my possiblities of getting the loan, so the sooner the better.

Patrick

I don't know if it's a good idea. I googled "buy property during divorce Colorado" and came up with this info from a site with which I have no affililation (I have no affiliations, period):
http://www.frascona.com/resource/gag407buyhomedivorce.htm
Title Issues
Colorado law presumes that all property purchased by either spouse during the marriage (i.e. until the final divorce decree is entered) is "marital property. Marital property is subject to "equitable division" in a divorce case. If the husband purchases a new home to live in while a divorce action is pending, the title to the new home might be in his name only. But the court in the divorce case still has the power to order that the title to the new home be placed in the wife's name; or that the new home be sold; etc. This is because while the title might be in the husband's sole name, the new home is still considered "marital property," subject to the court's power to make orders concerning the title.

I'd hold off.

 

[Patrick2013]

Thanks for the help!

Not sure why some of my post have to be reviewed and do not show... Sigh... I also found this.

Marital property includes any equity in a marital residence, stocks/mutual funds, retirement plans (including military retirement), bank accounts, the increase in value of one spouse's separate property, and tangible property such as vehicles and household goods. A Colorado divorce court will divide the marital property equitably (almost always means equally), based upon the value on the day of dissolution unless the parties agree otherwise.

So if she agrees (Which She Does) that she has no entitlement to the money that is given to me or the house that is purchased with it, then I would be fine? This is something that I would get in writing of course and noterized, but could the judge still over rule this agreement?

 

[Silverplum]

Thanks for the help!

No sure why some of my post have to be reviewed and do not show... Sigh... I also found this.

Marital property includes any equity in a marital residence, stocks/mutual funds, retirement plans (including military retirement), bank accounts, the increase in value of one spouse's separate property, and tangible property such as vehicles and household goods. A Colorado divorce court will divide the marital property equitably (almost always means equally), based upon the value on the day of dissolution unless the parties agree otherwise.

So if she agrees (Which She Does) that she has no entitlement to the money that is given to me or the house that is purchased with it, then I would be fine? This is something that I would get in writing of course and noterized, but could the judge still over rule this agreement?

You're welcome.

I don't know if a judge would overrule it, but s/he could. That's a risk you have to decide whether or not to take.

 

[Patrick2013]

SilverPlum, you are awesome! Thank you for all of your help, this means a lot, and saved me from a huge mistake! Even if its not what I wanted to hear

 

[Silverplum]

SilverPlum, you are awesome! Thank you for all of your help, this means a lot, and saved me from a huge mistake! Even if its not what I wanted to hear

You're very welcome!

I encourage you to do more searching and reading. You also could consult an attorney just for an hour or so with your questions. Check around, many family law attorneys offer free initial consultations.

 

[Bali Hai]

Thanks for the help!

Not sure why some of my post have to be reviewed and do not show... Sigh... I also found this.

Marital property includes any equity in a marital residence, stocks/mutual funds, retirement plans (including military retirement), bank accounts, the increase in value of one spouse's separate property, and tangible property such as vehicles and household goods. A Colorado divorce court will divide the marital property equitably (almost always means equally), based upon the value on the day of dissolution unless the parties agree otherwise.

So if she agrees (Which She Does) that she has no entitlement to the money that is given to me or the house that is purchased with it, then I would be fine? This is something that I would get in writing of course and noterized, but could the judge still over rule this agreement?

While it's very clear that the money and proposed home are separate property (even in CO someone would have to be a complete idiot to rule otherwise) it would be best not to take the chance of drawing that judge. Judges have a huge amount of power (too much) in these matters. This may inconvience and cost you money in the interim, but you stand to lose alot more, you just can't fix stupid.