Most people think that if a house is in your name alone, then it’s your house. If you’re like most people, then you’d be almost right. Depending on when and how you acquired the property, it may actually be yours AND your spouse’s! When you married your partner, you formed an economic partnership with them. (That’s why they call them partners!) This means that most of the property (including both assets and debts) accumulated during the marriage are considered to be presumptively marital property. The key word is presumptive.
Back to Real estate in divorces. If you owned a home before you married your spouse, then that home is considered to be your pre-marital separate property. If you purchased the home during the marriage then it is presumptively marital property owned by both, regardless of whose name it’s under. This is because during a marriage title does not rule. However, this is only the tip of the iceberg. As you peel back the layers, you come across transmutation, property origination credits, active versus passive appreciation arguments etc. This is why when property is in question in a divorce, you need attorneys who are on top of the law and know the right arguments to make! Call Beckerman & Granados today for a free consultation and let’s see how we can make sure your house stays YOUR house.