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Old 03-07-2013, 11:26 PM   #1
tonyro
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Default Asset division - premarital asset?

I bought a townhouse 5.5 years before marriage. I put 20% down at the time. After marriage we lived in this townhouse for a couple of years before moving into another home. We kept the townhouse as a rental property. The deed is in my name only. The townhouse is now paid off. We were recently divorced and are in the process of asset division. I live in a common law state. Is any part of this property pre-marital? All of it? None of it?
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Old 03-07-2013, 11:32 PM   #2
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Default Re: Asset division - premarital asset?

I wish to inform you that common law states require equitable distribution of marital property at divorce. In this regard the name of spouse who holds title to the property during the marriage is not taken into consideration infact, the court will distribute the property based on a number of factors, such as the income of each spouse, the duration of the marriage, the occupational skills of each spouse, etc. If your property is before marriage then it will not be taken into consideration for division of assets.

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Old 03-07-2013, 11:34 PM   #3
tonyro
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Default Re: Asset division - premarital asset?

Wow. So even though I owned it for several years prior to marriage, and had a good bit of equity in it, it won't matter at all?
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Old 03-07-2013, 11:38 PM   #4
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Default Re: Asset division - premarital asset?

The difference in value between what it was worth when you became married and what it is worth now, is divisible as part of the settlement..
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Old 03-08-2013, 10:56 AM   #5
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Default Re: Asset division - premarital asset?

Quote:
Originally Posted by tonyro View Post
I bought a townhouse 5.5 years before marriage. I put 20% down at the time. After marriage we lived in this townhouse for a couple of years before moving into another home. We kept the townhouse as a rental property. The deed is in my name only. The townhouse is now paid off. We were recently divorced and are in the process of asset division. I live in a common law state. Is any part of this property pre-marital? All of it? None of it?
That depends upon whether or not the spouse contributed to the property, either money or efforts (repairs, additions, improvements) in which case the spouse would have acquired an equitable interest in the property.

If funds were kept separate, the mortgage was paid solely from your funds (and/or rental income), then the separate property would remain separate.

The legal term is "co mingling" of funds/assets. If this did not occur, then the rule is that separate property, property acquired before marriage, remains separate.
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