QUESTION
Where do marital assets fall if husband owned house before marriage sold after married and bought new house?
Asked on Feb 18th, 2013 on Divorce - Florida
7 ANSWERS
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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It depends on how much spouse contributed. Husband will most likely be entitled to proceeds from the sale of the first house and split the rest of the marital property.
Answered on Feb 20th, 2013 at 2:39 PM
General Practice Attorney serving Crystal Lake, IL
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Bruning & Associates, P.C.
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Generally, if the proceeds of the sale of the house purchased before the marriage were used to purchase a house after the marriage, and the new house is in the name of both parties, then it is possible to argue that the new house is marital property. However, there may be circumstances in which the funds used to purchase the new house can be traced to nonmarital property and identified is nonmarital property during the divorce.
Answered on Feb 20th, 2013 at 2:39 PM
Personal Injury Attorney serving Atlanta, GA
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Anthony Overton Van Johnson & Associates, P.C.
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If a house was purchased prior to the marriage, that house will not be classified as marital property. However, if a house is purchased during the marriage, the home will be considered marital property, so long as it is titled in the name of one of the parties to the marriage.
Answered on Feb 20th, 2013 at 2:39 PM
Family Law Attorney serving Temecula, CA
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Landon Rainwater Robinson LLP
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It depends. How long after marriage till house sold? Was there a mortgage on the home? If so, how were the payments made with earnings or from other source? When the house sold, were all the proceeds used to buy the new home? Were husband and wife on title? Is there a mortgage? Are both husband and wife on loan? How are payments made if there is a mortgage? Did the community pay for any improvements? There are more questions but my point is, there is no easy, quick answer. Until all these questions are answered it depends. The community may have some interest in the home. Or it may all be husbands separate property.
Answered on Feb 20th, 2013 at 2:38 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Whose names are on the new house? Both, then in Idaho, that would be community property. Only the husband? Did you both live there, raise a family, etc.? That is a closer call. Maybe it is community, maybe the husband preserved its separate status. You need to talk with an attorney about the details.
Answered on Feb 20th, 2013 at 2:37 PM
In all likelihood, the current house is a mixed asset, in other words with both community and separate property components. You should consult a family law attorney to review all of the facts and figures and advise you how the house is likely to be characterized by the court.
Answered on Feb 20th, 2013 at 2:37 PM
John Arthur Smitten
So long as the proceeds were not co-mingled then it is all non marital property.
Answered on Feb 20th, 2013 at 2:36 PM