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Nov 29
1999
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Ask a Lawyer: Protecting Assets Held Before MarriagePosted by: Dads Divorce on Nov 29, 1999   |
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Question:
I realize the quick answer is pre-nup. However, I am curious what the law states and how to protect my assets. My girlfriend (soon to be wife) just moved in to my house that I have $400k in equity in and own as a single man. I'm assuming that in the event of a divorce, what was held before marriage (the equity), remains mine - usually. My question is, if I sell the house as a single man and use that equity to purchase a new home with her as husband and wife, would that $400k that I contributed as a down payment now be considered as joint property? Or would it still be considered "mine" in the division of previously held assets? Thanks for your time in this matter, Mark
Answer:
I must advise that I am not licensed in California. Since the laws regarding property division vary from state to state then you should also consult an attorney in California. Some states will throw all assets into the marital pot at the time of a divorce. Meaning that even assets you own prior to marriage will be considered marital property. However, the court may consider the value of the pre marital assets when dividing the estate. Meaning you could receive $400,000 more of the marital estate. However, there is no guarantee. The more you commingle the pre marital property the less likely it will be set aside. In order protect your premarital assets I recommend entering a pre nuptial agreement.
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