QUESTION
During a divorce, would I have equal ownership of the home if we both contribute equally to this payment?
Asked on Apr 15th, 2014 on Divorce - California
More details to this question:
We live in California and have been married for over 10 years. Our main residence is in his name only and the property is at interest only, no principal.
4 ANSWERS
4 Awards
There are many factors that would go into a division of the main residence. Without knowing more such factors as the title in his name only and that the loan is an interest only loan do not favor you in a division of the residence. The division may be fairly complex in determining a party's interest. So ,I suggest that you consult with a family law attorney.
Answered on Apr 18th, 2014 at 6:04 PM
Criminal Law Attorney serving Fremont, CA
at
Steven J. Alpers, A Professional Corporation
Update Your Profile
This could be an issue which may have to be fought out at trial.
Answered on Apr 16th, 2014 at 6:30 PM
If there is equity in the home after deducting the principal owed on it, yes. You are entitled to one-half of that amount so long as it was all acquired with earnings of you or your spouse during marriage. If there is no equity, all you are entitled to is a tax deduction of one-half of all interest paid on the mortgage during the last 12 months you occupied the house.
Answered on Apr 16th, 2014 at 2:38 PM
Divorce/Family Law Attorney serving Carlsbad, CA
at
Anne B. Howard, A Professional Law Corporation
Update Your Profile
If you are not on title the house is his. If the payment is interest only it is likely the community has no interest in the house so it may all be his. You should talk to an attorney about improvements and previous homes to see whether you have any claim on the house.
Answered on Apr 16th, 2014 at 9:35 AM