Monday, March 14, 2011

WHAT WILL HAPPEN TO MY HOUSE IN A DIVORCE?

I frequently receive questions from people regarding their family law issues. The following is a question which the inquirer agreed may be publicly revealed, and my answer to the question:

QUESTION: What happen to my house in a divorce in CA? I bought the house before marriage. I pay mortgage, insurance and all home expenses. She does not own any real estate assets.

ANSWER: Assuming that your house has remained in your name, unless you paid the mortgage during your marriage with separate property (funds that you had before your marriage, or which you received by way of gift, inheritance or distribution of a 3rd party's trust), your wife would have a "Moore-Marsden" interest in the house if your payments of the mortgage during the marriage was made with community property.

The income of each party during the marriage (absent a valid Prenuptial Agreement providing otherwise) is community property.

The amount of the equity pay-down with community property is factored into the Moore-Marsden equation in determining the community share of your house, of which your wife is entitled to 1/2.

If you refinanced the house during the marriage, there is a significant risk under Marriage of Grinius that the community's share is greater if the lender relied on community income (which could be your income during the marriage) to repay the refinance loan.

If you transferred the house into joint names, the house would be community property, but you would be entitled to reimbursement of its proveable equity as of the date of the transfer.

This educational blog is brought to you by DONALD F. CONVISER, a Los Angeles Certified Family Law Specalist, owner of Warner Center Law Offices, an effective and aggressive Los Angeles Divorce Attorney serving clients in the courts of Los Angeles and Ventura County for over 35 years, offering a free confidential consultation regarding your divorce or family law issues, at 818/880-8990, www.conviser.net

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