QUESTION

Is there a way I can get the house or a big part of the profit from selling it?

Asked on Aug 12th, 2013 on Divorce - California
More details to this question:
I'm a stay at home mom of an 8 year old. I'm divorcing and I want to keep the house or once sold keep 70% or more of the profits. My parents have given us a total of $260,000 of down payments and have for the most part supported us financially. I don't think it's fair he gets half but it's what he wants.
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5 ANSWERS

What one spouse wants is not exactly what the court may order. You have a legitimate claim on a major piece of property. Find a skilled family lawyer to advocate for you.
Answered on Aug 20th, 2013 at 9:09 PM

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Family Law Attorney serving Thousand Oaks, CA at Law Office of Terry A. Buchanan
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One point may be the repayment of the loan back to your parents before there is any distribution of proceeds to the parties. Also proof of further loans by parents may deplete the equity further to repay them back. You will need solid proof of those loans.
Answered on Aug 20th, 2013 at 9:09 PM

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Alternative Dispute Resolution Attorney serving Farmington Hills, MI at DeBrincat, Padgett, Kobliska & Zick, Attorneys & Counselors at Law
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You are entitled to a "fair and equitable" distribution from the marital estate. Fair and equitable could include consideration of the source of the funds for the down payment on the home, if it can be proven. There is also commingling rule however, wherein an asset which was a party's separate, pre-marital property, has become marital through deeds transfers or other mixing of marital and separate assets. Division of property when there is a separate property claim is a nuanced area of the law, and a claimant should be represented by counsel. You inquiry suggests that you "are divorcing," which I assumed to mean that you have a divorce action pending. If you do not have an attorney, you should retain one. There is too much money at risk here.
Answered on Aug 20th, 2013 at 9:09 PM

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Commercial Contracts Attorney serving Boise, ID at Peters Law, PLLC
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The problem is that your parents gave you the money. If they had loaned it to the two of you, then you would both equally share the net equity. Talk with your attorney, but I think you will be stuck at 50/50.
Answered on Aug 20th, 2013 at 9:09 PM

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A lot will depend upon the characterization of your parent's gifts. You should review all of the facts with a family law attorney.
Answered on Aug 20th, 2013 at 9:08 PM

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