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Lorna
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Pls explain how the Moore/Marsden rule apply to my situation. In 1992 before my marriage I bought time share - paid for by my own funds but I included my boyfriend's name on deed with the agreement of him paying half. Three years later we marry but he never paid his portion now that we are divorcing his lawyer is insisting that he entitled to half of time share.
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Susanne
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Hi Lorna!
If your husband has not paid any portion of the mortgage, then he does not has any right to the property. Moreover as it is a timeshare property, the sharer has no claims to ownership of the property. I think it will be better if you consult an attorney who deals with this. He/she will be able to help you with the legal proceedings of the case. |
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Rod
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Post subject: Who recieves what |
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Hello I purchased a property for $500,000 and made a down payment of $350,000, then spent 150,000 on improvements. Five years later I married and the property became community, at that time the prenuptual allowed me $1,750,000, as my seperate property on any disolution. During the marriage we paid off from community funds the balance of the oustanding loan in the sum of $111,000. We believe the appraised value of the house will be $4,500,000, which my wife will keep.
My question is; on buying me out what would be net to me based on the above and my tax liability, thanks Rod |
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Hi Rod !
Welcome to the Forums!
If your spouse is buying you out, then there will be no tax liability on your part.
Sussane
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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Mark
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Post subject: Moore/Marsden Rule |
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| Person buys home for 260K.... One year later marries me..... Refi's property several times but never adds me to the deed as I quit claim so she gets better rate on loans..... Community money pays mortgage for 7 years ..... Now divorcing. Do I get any interest in property or what??? Thanks and love your web site. |
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Sp
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| If you have quitclaimed the property to your spouse, then you will not get anything from the property. Moreover the property was purchased before marriage, so I don't think it will come under community property. |
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monic
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Post subject: comunity property PLEASE HELP!! |
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| My home was worth $160,000 there was a $44,000 I owned. We refinanced and now the mortgage is for $200.00. It is probably worth $450, 000. What will my husband get he is being so nasty because he is in love with another women and I have two young children. Thank you if someone can help. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Hi monic!
What does your husband want you to do? Does he want you to quitclaim the property in his name or is the property is both of yours name? If will be better if you could give us some more details.
Thanks,
Jerry |
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madonna
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Post subject: interspousal grant deed |
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| hubby had condo before we married. Then after we married we lived there for 5 years both of us paid the mortgage. He had me sign an interspousal grant deed when we sold it and we used all its proceeds on our current home. Is current home with both our names on it considered 50-50 for community prop in CA? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi madonna!
I think both of you will have a 50-50 ownership in the property in CA. But to be on the safer side you should consult an attorney and check with him.
Thanks.
_________________
Good is the Enemy of Great. |
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CajunQn
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| My husband owned property before we were married. Our plan was to demolish the house (it wasn't liveable) and build a new duplex. After we married, we demolished the house, prepared the land and built the house, including new slab, plumbing, utilities, sewer...nothing was used from previous house, just the land. Will this be considered co-mingled? Am I just entitled to 1/2 equity of improvements? I live in Louisiana |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi CajunQn!
If money from the community funds were used while demolishing or raising the house, then the property has now become co-mingled and you can get 1/2 equity of improvements. If the community funds were not used, then I don't think are entitled to get anything.
Thanks.
_________________
Good is the Enemy of Great. |
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cajunqn
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| Acutally, we obtained a loan 1 year before we were married and we BOTH paid on that. Demolition and new construction started 4 months after we were married. From what I have been reading, it appears that I am entitled to 1/2 of the equity increase. The old house/land was worth approx 75K-100k, with the addition of the new duplex, we are now valued at over 700K. My soon to be ex, doesn't think I am entitled to anything since it was his property before even though, we have always paid the loans 50/50. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Hi cajunqn!
If you have paid the loans and if you are living in a community property state, then I think you are entitled to get some portions of the equity. You should immediately take some legal help to decide what will be your next steps.
Thanks,
Jerry |
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madeinohio69
Joined: 23 Oct 2008
Posts: 1
Location: California
1.91 Dollars($)
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Post subject: Help In California!! Moore/Marsden Calculation |
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Ok- I'm getting divorced and just got a huge shock on the settlement proposal. Please tell me she's wrong..
I became engaged in 1997 and we bought a house ($220k). My wife put down 22k for a down payment and we got a $198k loan.
In 1998 we got married.
In 2002 we refinanced the house and it appraised for $400k. The loan amount was paid down to $183,674 by that time and we added my name to the title. Originally we kept it off because my credit score would adversely affect our loan. By 2002 my credit score was in the 700's.
My wife's attorney is doing the following calculation:
$400,000 (refi apprasial)
-183,674 (which they say is my M/M amount)
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$216,326 (she say's this is separate property amount), I think the marital community aquired a 9.63% of this amount.
In 2004 we sold the house for $520,000 a difference of $120k in appriciated value that each of us have a $60k interest in.
The same month we sold our house in 2004 we purchased our dream house for 760,000k.
In 2008 we sold the house for $779k and owed about $500k on the loan. After fee's the profit was 220k. I was thinking that amount would be split, but they're telling me I'm only entitled to $66,300.
Can this be??
If she put 22k down on our original house in 1997 and in 1998 we got married, and in 2004 we refinanced, isn't she only entitled to that amount which she solely contributed to? We both paid for the house and we both lived in it.
I have been reading Family Code 2640 and that appears to be what that section says. Please help!
There was also a section of the calculation, which was handwritten that said:
$216,326 (wife's s/p) minus my m/m amount (Oct 1998 thru Sept 2002)
half of the principal=15k divided by 2 = $7500 divided by $216,000=3.5%
at 3.5% the M/M amount =$6,300
House sold in 8/04 for $520,000 = 120,000 divided by 2= 60k
$216k minus 60k = 210k plus her 60k = $270k
We were married for 9 years and lived in our original house for 1 year before marriage. in that time period we both paid for the house and general expenses. In California, is this how the split is done or is she only entitled to her original down payment of 22k as family code 2640 implies. |
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