CA Divorce and Selling Condo before Marriage

[Bubbles2015]

What is the name of your state (only U.S. law)? California Before my husband and I married we lived in his condo for 4 years (of which I payed half the mortgage). He is now looking to sell this property and my name is not on the Deed, he mentioned to me he will be putting the money he earns from the sell into a money market account (which also does not have my name on it). What are my right legally to the money if we divorce? He is keeping everything in his name and will not add my name to any of his bank accounts.

 

[I'mTheFather]

Are you getting divorced?

 

[Bubbles2015]

No, we are not divorced. We still live together with 2 kids. We are not getting divorced at this time but I feel as though we are headed that route. I just want to know how that would be handled if and when that time comes.

 

[latigo]

What is the name of your state (only U.S. law)? California Before my husband and I married we lived in his condo for 4 years (of which I payed half the mortgage). He is now looking to sell this property and my name is not on the Deed, he mentioned to me he will be putting the money he earns from the sell into a money market account (which also does not have my name on it). What are my right legally to the money if we divorce? He is keeping everything in his name and will not add my name to any of his bank accounts.

Your question regarding the proceeds of the sale of the condo pre-dissolution of the marriage is moot. Because there isn't likely to be any money from its sale as he proposes. Not unless someone is foolish enough to purchase it without a title policy insuring marketable title in the buyer's name.

Even though it is his sole and separate property because of California's marital property laws no title company is going to issue such a policy without your name on the deed of conveyance. Or you have surrendered your community property equity rights to him by deed.

What you need is a lawyer and to file for dissolution. At which time an automatic restraining order will be in effect prohibiting either of you from unnecessary expenditures, transferring, or concealment of assets.

 

[Bubbles2015]

Because there isn't likely to be any money from its sale as he proposes. Not unless someone is foolish enough to purchase it without a title policy insuring marketable title in the buyer's name.

Im not understanding this part....why wouldnt he be able to profit off the sale? The property is his at this time.

 

[volowit]

Because there isn't likely to be any money from its sale as he proposes. Not unless someone is foolish enough to purchase it without a title policy insuring marketable title in the buyer's name.

Im not understanding this part....why wouldnt he be able to profit off the sale? The property is his at this time.

Did he have a substantial down payment? Did he purchase a short sale? Is there a substantial amount of equity in the home? 4 years with an average mortgage rate on regular payments will probably have limited equity to only cover fees for realtors, taxes etc.

Investigate what was referenced above, even if your name is not on the deed because you are married I believe Latigo is trying to explain that there are technicalities that apply in this instance.

 

[stealth2]

I would suggest following the input frm an established contributor, rather than that of a self-professed neophyte.