Legal Question in Family Law in California
Do I have any rights to the equity of the home
My husband bought a home 3 months before we got married. I have paid some of the mortgage payments. I have heard conflicting stories. One person told me I have rights to half of the equity since we got married. 2nd person told me I am only entitled to half of the princpil(mortgage payments)that have been paid against the mortgage. Where do I stand?
Thank you
1 Answer from Attorneys
Re: Do I have any rights to the equity of the home
Both of your sources are wrong.
Let's assume that he bought the house prior to marriage, never put your name on the deed, and used community funds (his earnings or your's) to make the mortgage payments.
We would apply what is known as the Moore/Marsden formula. This means, how much was the PRINCIPLE, not the interest, paid down? For a simple exercise (rough number) apply that amount to the original purchase price. What % of the original purchase price is the principal paydown? Now take that % and apply to present value. That gives the community property share. Divide 1/2 and that 1/2 is your's, the rest is his.
This can be affected by other factors.
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