When Erik and Jen married they bought their first home together. When they purchased the home, they decided to put the title in Erik’s name because his credit was the better of the two of them. The title shows Erik has the sole ownership of his home and their interest rate is much better. While they are still paying on this home together, they have now decided to divorce, and Erik has informed Jen that the home is his and it will not be considered community property in the divorce. Jen is wondering if this is correct, she now has nowhere to live and is being told all her contributions to the payments are lost.
When the court is involved in separating marital property, it is divided equitably between the two spouses. This term doesn’t necessarily mean equally meaning 50/50, although many times it ends up being just that. When it comes to property, the courts have to decide what is considered marital property – meaning purchased during the marriage, or what is considered separate property- meaning property that belonged to each one before the union. Marital property regardless of whose name is on the title will be subject to the courts division between both spouses. Regarding a home specifically the courts could require it to be sold and the proceeds to be equitably distributed between both spouses. This is decided by all conditions decided by the courts in deciding an equitable distribution of all assets.
If you are in a similar situation and you have questions, we can help. We understand divorce can be stressful and complicated, but we are here to make the process easier for you. If you would like to take advantage of the legal guidance we can offer you, we would love to meet with you and discuss your options. Call 315.488.5544 or contact the Bombardo Law Office, P.C. online.