Legal Question in Family Law in California
2640 Claim: I bought a house in February of 1999 with my fianc�. I used my funds, $100,000, to pay down the loan of $510,000 when we closed escrow. My fianc� paid $5,000. We were married in August of 1999. Our divorce started in 2013. We just sold our house and split the proceeds. $180,000 each. I assume she owes me $100,000 and I owe her $5,000. Or do we split the $100,000/2=$50,000 and $5,000/2=$2,500?
Please provide the correct way of handling our $100,000 and $5,000 amounts.
Our attorneys are arguing over Claim 2640 and how to handle it. Thanks.
1 Answer from Attorneys
When the house is sold the equity would be divided $100,000 to repay your separate property investment; he would receive $5.000, his separate property investment. The remainder of the equity should be divided with each of you receiving 1/2. If that division is not satisfactory then divide the equity based the ratio of the original investment. Assuming that both of you lived in the house for 16 years there should not be an offset for the mortgage payments.
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