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#194245 - 04/19/08 04:20 AM House
rake Offline
New User

Registered: 04/19/08
Posts: 3
My wife and I are divorcing. In Dec 1994 we bought a house (Louisiana) in both our names and moved in together. She put down the initial $15,000 down payment.We were married 8 months later. My ? is, Does she get the money back from the sale or is it considered community property at this point and all money from the sale of the house is equally divided.


Edited by rake (04/19/08 04:24 AM)

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#194253 - 04/19/08 09:58 AM Re: House [Re: rake]
HevnMaidMe Offline
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Registered: 12/03/04
Posts: 4058
I think that depends on your name being on the deed after the transaction.
_________________________
When you know better, you do better -- Maya Angelou

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#194269 - 04/19/08 07:53 PM Re: House [Re: HevnMaidMe]
IndyTex Offline
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Registered: 01/04/04
Posts: 815
Loc: Dnet Since 1995!
Theres legal and moral...what do YOU think the right answer is.....If it were me...I would give my spouse the 15,000 credit then split any additional equity.

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#194273 - 04/19/08 08:22 PM Re: House [Re: rake]
rake Offline
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Registered: 04/19/08
Posts: 3
Yes, I understand the morale part, But I'm planning on assumming all of our outstanding debt into the house which far exceeds her intial $15,000 down payment. Thus allowing her to walk away debt free. If not, Then the house will be sold and all proceeds going towards the debt. Either way there is no money to be given back to her.

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#194288 - 04/20/08 10:09 AM Re: House [Re: HevnMaidMe]
Rdvercher Offline
Member

Registered: 04/20/08
Posts: 7
you each get one half the sale amount however you owe her 1/2 of her down payment back from the sale.

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#194289 - 04/20/08 10:13 AM Re: House [Re: Rdvercher]
Rdvercher Offline
Member

Registered: 04/20/08
Posts: 7
forgive me for being wrong.....your wife put down the $15,000 before you were married...you are only entitled to 1/2 notes you paid since then ....after the sale she get her $15,000 off the top and you split the difference as you married her after she made the down payment...making the house legally hers if you are not listed as co buyer with her.


Edited by Rdvercher (04/20/08 10:17 AM)
Edit Reason: wrong info

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#194293 - 04/20/08 07:13 PM Re: House [Re: Rdvercher]
rake Offline
New User

Registered: 04/19/08
Posts: 3
when we bought the house in 1994, i was the buyer with her as the co-signer.
we refinanced in 1998 and have since put $12,000 worth of improvements into the house. i'm am still living in the house with her having moved out. i have been paying the mortgage for the last 5 months, not community money being used.
so this changes things somewhat with her intial $15,000 down payment. at least i think so.

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#194332 - 04/21/08 08:26 AM Re: House [Re: rake]
dvd Offline
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Registered: 04/02/07
Posts: 4167
If she still has the record of her $15,000 down payment, she will be entitled to full amount PLUS any proportional appreciation from that amount relative to the house's appreciation because this is considered separate property before marriage.
You should subtract the 5 months of mortgage payment (your separate property) after she moved out and hasn't co-paid.
It also depends on who contributed more during the marriage. So save all receipts and don't be so quick to settle only half.

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