Do you refinance a premarital home after marriage?

You did not refinance the premarital home during the marriage. You did not put any separate property money into the house during marriage or after separation, and that includes mortgage payments, improvements, etc. You did not “transmute” your separate property interest into community property.

Can a spouse increase the value of a premarital home?

Your spouse may actively increase the value of your premarital home by making significant improvements. Likewise, sometimes the value of your property can increase without you doing anything to it. It’s important to understand the difference between active assets and passive assets:

How are premarital assets protected in a divorce?

Separate property is: The problem with keeping property before marriage your separate property is that separate property can become marital property in several ways. If a court finds that your separate property has become marital property, your premarital assets are not protected.

How did my ex husband buy a house?

Kim’s Question: My soon to be ex-husband has already bought a home before our final settlement is signed. We sold our home and the money earned on the sale is in an escrow account until our divorce is finalized. How he managed to buy this home is unknown to me.

You did not refinance the premarital home during the marriage. You did not put any separate property money into the house during marriage or after separation, and that includes mortgage payments, improvements, etc. You did not “transmute” your separate property interest into community property.

Can a premarital home be considered marital property?

Additionally, if the owner puts the non-owner spouse’s name on the deed, the home may then be considered marital property and subject to division. Due to the complexity of this issue, individuals who believe that their spouse may have a stake in a premarital home may wish to consult with a family law lawyer for guidance.

How can I Keep my premarital property separate?

If you’re not sure how to keep your property separate, get advice from a family lawyer. Your spouse may actively increase the value of your premarital home by making significant improvements. Likewise, sometimes the value of your property can increase without you doing anything to it.

Separate property is: The problem with keeping property before marriage your separate property is that separate property can become marital property in several ways. If a court finds that your separate property has become marital property, your premarital assets are not protected.

Is it legal to re-finance a home after marriage?

The general rules are that property acquired before marriage is non-marital property, but that any increase in value of the asset during marriage is marital. The fact that you re-financed the home after getting married is not, in and of itself, an issue.

Can you refinance your mortgage if you have a divorce?

If you refinance before you file, you report that you’re still married, and then removing one of the spouses from the mortgage loan is much easier. After the divorce is finalized, you will still have to perform a Quitclaim to remove your spouse from the title, but the refinancing will already be taken care of.

What happens to a home purchased before marriage?

A home that was purchased prior to the marriage and owned by one spouse is generally considered separate property and is not subject to division.

Can you refinance your home with your spouse?

If you owned a home prior to the marriage, it might make sense for you to refinance the loan to get a better interest rate or dip into your equity with a cash-out refinance loan. If both you and your spouse meet the lender’s approval criteria, you can add your spouse to the new loan; however, you can also choose to refinance alone after marriage.

Can you re-finance a house you bought before marriage?

The general rules are that property acquired before marriage is non-marital property, but that any increase in value of the asset during marriage is marital. The fact that you re-financed the home after getting married is not, in and of itself, an issue. However, if the re-financing involved your use of marital funds,…

Can a home that was purchased before marriage be divided?

General Rule. A home that was purchased prior to the marriage and owned by one spouse is generally considered separate property and is not subject to division. However, there are exceptions to this rule.

What happens to your property when you get married?

In community property states, spouses usually own an equal interest in all property acquired during the marriage without regard to whose name the property is titled in. Also, the spouses own an equal interest in the income owned by either spouse during the marriage and an equal interest in debts incurred during the marriage.