Divorce/Separting with Child in a Community State

[star99]

Thank you for taking the time to read my posting. I have been married for three years and we have a five year old son. Additionally, I purchased a home prior to our wedding and if I decide to call it quits, what will I have to do with my home? I would like to stay in my home with my children, however with California being a community property state, I do not know if this is possible. Any suggestions?

Thanks again,

 

[I AM ALWAYS LIABLE]

My response:

Unless you can get him to sign an agreement waiving his Community Property Rights, he's entitled to one-half of the value of the house, from the date of marriage to the date of divorce.

If you bought the house for $200,000.00, and then 2 years later on the date of marriage, it was worth $250,000.00, and it was revalued again on the date of divorce to be $300,000.00, then he's entitled to one-half of the $50,000.00 appreciation, or $25,000.00.

It's a little more complicated than this with other issues such as your downpayment, and refinancing costs, but basically this is what the formulation will be.

IAAL

 

[housewife]

is nevada

is nevada a community property state?

 

[I AM ALWAYS LIABLE]

Re: is nevada

is nevada a community property state?

My response:

Yes.

If you have more questions, please start your own thread.

Thanks.

IAAL