What is the name of your state (only U.S. law)? CA
This for one of my uncles, who is in his late 60s and totally computer illiterate. So, please gentle as I don't have all the details right now.
He is in his 2nd marriage of about 15 years long. From the first marriage, he was burned, financially speaking. WIth the suggestion of one of his friends, when he got married to the current wife, they signed a boilerplate prenup, according to what he told me. He said his friend copied the agreement from a law book (self-help type I presume) and they both signed it. He says he has not seen the papers for a while but he thinks he knows where it is.
She owns a house fully paid off, prior to marriage to my uncle. Since they got married, house was a rental. My uncle owns the house they are living in right now (or up until separation 3-4 months ago). They were paying the mortgage together. I think her house and uncle's house was comparable in real estate value, within few thousand dollars. And according to my uncle, a portion of rental income from the house is sitting in several bank accounts. During marriage, she worked part time as a freelance writer. She paid her share of the mortgage from the rental income she received acc. to my uncle. Whatever else she made, was enough to cover her personal expenses and then some. My uncle paid for health insurance for both, did all the house maintenance from his income and was able to save a bit, but not as much as her I suppose. He says they did the general shopping for the house (this I believe refers to food, cleaning, furnishings etc) together, spending, give or take, equally.
Up until this point, I believe she keeps her paid-off house. No arguments there. What happens to the house under my uncle's name (purchased prior to this marriage but the mortgage was and still is being paid) ? Does the value gained on the property gets to be considered as "community property", subject to division ? What happens to the remainder of her rental income and my uncles savings ?
To make the things a little more complicated, my uncle won US$20K from a lucky scratcher from CA lottery in 2013, which is still sitting at a bank under a rainy day fund account. Also few weeks before they decided to go on their separate ways, he went to Vegas with a couple of his buddies and had a lucky streak on a blackjack table. Came back with another $15K in winnings. Lucky guy. What can I say ? Now, the question is, what will happen to this windfall from the "lucky" winnings ?
Thank you on behalf of my uncle.
This for one of my uncles, who is in his late 60s and totally computer illiterate. So, please gentle as I don't have all the details right now.
He is in his 2nd marriage of about 15 years long. From the first marriage, he was burned, financially speaking. WIth the suggestion of one of his friends, when he got married to the current wife, they signed a boilerplate prenup, according to what he told me. He said his friend copied the agreement from a law book (self-help type I presume) and they both signed it. He says he has not seen the papers for a while but he thinks he knows where it is.
She owns a house fully paid off, prior to marriage to my uncle. Since they got married, house was a rental. My uncle owns the house they are living in right now (or up until separation 3-4 months ago). They were paying the mortgage together. I think her house and uncle's house was comparable in real estate value, within few thousand dollars. And according to my uncle, a portion of rental income from the house is sitting in several bank accounts. During marriage, she worked part time as a freelance writer. She paid her share of the mortgage from the rental income she received acc. to my uncle. Whatever else she made, was enough to cover her personal expenses and then some. My uncle paid for health insurance for both, did all the house maintenance from his income and was able to save a bit, but not as much as her I suppose. He says they did the general shopping for the house (this I believe refers to food, cleaning, furnishings etc) together, spending, give or take, equally.
Up until this point, I believe she keeps her paid-off house. No arguments there. What happens to the house under my uncle's name (purchased prior to this marriage but the mortgage was and still is being paid) ? Does the value gained on the property gets to be considered as "community property", subject to division ? What happens to the remainder of her rental income and my uncles savings ?
To make the things a little more complicated, my uncle won US$20K from a lucky scratcher from CA lottery in 2013, which is still sitting at a bank under a rainy day fund account. Also few weeks before they decided to go on their separate ways, he went to Vegas with a couple of his buddies and had a lucky streak on a blackjack table. Came back with another $15K in winnings. Lucky guy. What can I say ? Now, the question is, what will happen to this windfall from the "lucky" winnings ?
Thank you on behalf of my uncle.
