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lwpat, Lawyer
Category: Family Law
Satisfied Customers: 25387
Experience:  Practicing family law attorney
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Is a house bought before a marriage marital property in

Customer Question

Is a house bought before a marriage marital property in illinois? How does the court decide the division if so? Is it the equity today as compared to the equity on the date of the marriage? If the property gains value the gain would be marital likewise if it loses the loss should be marital too, right? Lastly I heard that the principle payments on the mortgage were marital and the spouse not on the deed was entitled to that 1/2 that money even if the house has less equity now than when they were married.
Submitted: 5 years ago.
Category: Family Law
Expert:  lwpat replied 5 years ago.
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How long has the house been the marital home. How much was it worth when married, how much now, how much owed when married and how much owed now. Which party are you and were both parties ever place on the deed or the mortgage.
Customer: replied 5 years ago.
My name on deed and mortgage for ten years before marriage in 2005.
loan balance was $89,000 and market value $168,000 in 2005.
load balance is $47,000 and market value maybe $100,000 to $125,000 now.
no appraisal yet but pretty close.
Expert:  lwpat replied 5 years ago.
This is a fairly short term marriage and probably not long enough for the house to be transmuted into marital property. At the time of the marriage there was 79K in equity. Currently there is only 65K in equity. You can argue that the other party is only entitled to one half of the increase in equity or 7K. Of course the other party is going to claim that the house was transmuted into marital property and they are entitled to at least 32.5K or possibly 21K which is the difference in the loan balances. In a divorce everything in negotiable and often it is worth giving a little more for it to be over with. A local attorney can tell you what to expect from the local judge but my guess would be the 21K.