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lwpat, Lawyer
Category: Family Law
Satisfied Customers: 25386
Experience:  Practicing family law attorney
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I am a farmer and bought the farm that I live on in 1995. My

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I am a farmer and bought the farm that I live on in 1995. My wife and I were married in 2003 I still owe a considerable amount on the property, how will this work? I live in the state of Washington, BTW.
Thank you for posting your question to JA/Pearl. Legal questions often take time for research or I may be offline so please be patient, I will reply.

I assume that you are speaking of a divorce. Washington s a Community Property state and In a community property state, all property that has been acquired during the marriage is community property, with the exception of property acquired through a gift or inheritance. Community property includes personal property, cars, real estate, shared savings and checking accounts, stocks, bonds, shares or interest in a business, retirement accounts, pensions and insurance policies. You might think property is something with value, but in fact even things that you might think have "no value" can be classified as property. For example: debt (loans, credit cards) goodwill, business name, professional degree or license, trade mark, copyright etc. Even if one spouse has earned all the money or a greater portion of the money to acquire the property, all the property is considered community property. In community property jurisdictions, spouses equally own all community property (fifty percent owned by the husband and fifty percent owned by the wife), and it is then divided between the spouses in the event of a divorce.

In your specific case, the farm is still your separate property. However, since the mortgage has been paid with marital funds, she would have an equitable interest equal to one half of the amount that the mortgage was paid down during that period. For example the mortgage was 100K at the time of marriage and now only 50K is owed. She would have an interest equal to 25K.
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