JCLAY13

If a spouse buys a property in their name only, with their seperate funds only, and a divorce happens down the road is that home considered marital property?

asking for a friend...

superjag

Need more information. For starters, what state?

alligatorgar

Different states have different laws.

jko2004

If you are in FL - the short answer is yes.

autobaun70

Source of the funds/property. Were they owned prior to marriage or come from inheritance?

Striper In

You looking to hit the lottery?

Brad1

Did the purchase occur during the marriage? Is there a prenup or postnup?

If yes to the 1st question, and no the 2nd, I'm pretty sure it's marital property.

superjag

That's question #1. After that, we need to know (2) When was the property purchased in relation to the date of marriage; (3) Were any marital funds expended on the property during the marriage, such as mortgage payments, etc. (4) What was the value of the property on the date of purchase (or the date of marriage, if the property was purchased prior to the marriage) and what is the value of the property as of the date of the divorce (4) If the answer to question #4 shows an increase in value, is the increase due entirely to market forces or is there a part of the increase in value due to marital contributions (reduction of mortgage balance, improvements, labor, etc.)?

If you answer those questions, I might be able to give you at least a preliminary answer to your question.

gtpvettte

I'm with this. Wouldn't the funds used to purchase need to be premarital and have been kept separate from joint funds during the course of the marriage??

DocHoliday

OP has not said what state his friend is in, but FYI for Florida:

https://www.galehmoore.com/what-happ...0distribution.

superjag

In a nutshell, yes, at least partly.

We are looking for clear separation and traceability (ability to identify the source of all the funds which have been spent on the property since the date of purchase).

Where things get messy is when you buy a property prior to the marriage, or purchase it during the marriage using clearly identifiable non-marital funds, but then use marital money (which is pretty much any money earned during the marriage, regardless of who earned it) towards expenses associated with the property, such as mortgage payments, taxes, repairs, etc.

triumphrick

I'm pretty sure you are wrong....

"The general rule in a Florida divorce is that the court considers and divides up the “marital” property of the ex-spouses and that the non-marital property of each party remains with the spouse that owns that particular property. ... As opposed to community property states Florida is an equitable distribution jurisdiction."

Tim_fl

​​​​​​Assuming your friends resides in FL, and neither a pre/postnuptial agreement exists.

It's considered marital if acquired during the marriage, if acquired prior to the marriage, the value of the asset at the day of marriage is protected however any appreciation of the asset (appreciated value as of the day of the motion) is subject to being included as part of the distribution. You now owe me 350.00 j/k

gtpvettte

Wow,,, didn't know this. Did a couple of quick googles on it. Most of the references I find from law firms are talking about real estate and that marital funds were used to pay for things so they contend appreciation is a marital asset. I could understand this.

Wonder how a roll over IRA might work,, outside investments in the market??? Asking for a friend

MrWesson

50/50 no questions asked on everything in FL(unless prenup).

Tim_fl

Under Florida law, assets that are obtained prior to a marriage are generally considered separate property. Therefore, the point in time value (as of the date of the start of the marrage) of those assets will not be subject to any equitable distribution considerations. This rule applies to retirement accounts as well. Of course, you likely have continued adding funds to your retirement accounts throughout your marriage. This can make things a little more complicated, but the principle remains: whatever was the point in time premarital value of your retirement account prior to your marriage can reasonably be considered separate, post value contributions and appreciation can be subject in the calculation of equitable distribution.

Joe

Its criminal that anyone else should be involved in the appreciation of your retirement funds if they didn't have any involvement in earning those funds.

Marriage is the worst contract any man can ever enter.

triplenet

x 100000000000000000000000

My GF brings up marriage all the time - told her 100 times = "never without a solid pre-nup"... I think she is getting the point

Jersus

I agree.

Marriage gives you exactly two things in your life

the ability to file a joint tax return

the ability to get divorced.

Jersus

any of my girlfriends bring up marriage, I dump them immediately.