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does a lump sum become community property

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Jyoung3955 Joined: 29 Sep 2009 Posts: 1 1.26 Dollars($)	Posted: Tue Sep 29, 2009 12:26 am    Post subject: does a lump sum become community property Like 0 Dislike 0 I took out a reverse mortgage while married to my husband. The house is in my name. Now we are getting a divorce, does any of the money become community property? I live in California.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Tue Sep 29, 2009 2:30 am    Post subject: Like 0 Dislike 0 In case you had purchased the property after your marriage and used community funds to pay off the mortgage dues, then though you take a reverse mortgage now, your spouse can claim community property interests in that property. In order to know how the community property interests are calculated, check out the given page: http://www.mortgagefit.com/know-how/mooremarsdenrule.html _________________ Good is the Enemy of Great.

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