Legal Question in Family Law in California
Is gift of home down payment and subsequent mortgage payments seperate property
I have been married for the last two years. If my parents gift me $400,000 for use directly as a down payment on a home purchased for $586,000 with the remaining $186,000 mortgage in my name alone and my parents subsequently make all mortgage payments on the home every month, would the home be considered my seperate property as a gift from my parents here in community property California?
3 Answers from Attorneys
Re: Is gift of home down payment and subsequent mortgage payments seperate prope
As long as you do not use community assetts as upkeep and do not somehow, comingle the assett.
Reply: Is gift of home down payment and subsequent mortgage payments seperate pr
I would take it a step further and have the spouse execute an Inter-Spousal Transfer Deed concurrently with the purchase.
Before doing this, I suggest that you consult with an experienced family law lawyer and go over all of the details in depth. Experience is not expensive, it's priceless!
You will find some valuable information on various family law issues at my web site.
Good luck to you!
Brian Levy, Esq.
www.calattorney.com
Re: Is gift of home down payment and subsequent mortgage payments seperate prope
Absolutely. As long as you did not commingle the asset with any community property it is your separate property. If you would like to discuss the matter in further detail, please do not hesitate to contact us.
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