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My husband purchase our house in Jan 2008 right before the

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market crashed. We were married...
My husband purchase our house in Jan 2008 right before the market crashed. We were married in July 2008, and joined our bank accounts in Aug 2008 and starting paying the mortgage payments together in Aug. I am not on the deed but to determine the appreciation
of the house, would it go off of the price he purchased the house for, or the value of the home when the payments were made from community property. My husband purchased for $490K in Jan 2008 but after the market crashed, a neighbor bought the exact same house
in Aug 2008 for $422K.
Submitted: 2 years ago.Category: Family Law
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Answered in 23 minutes by:
7/13/2015
Family Lawyer: Maverick, Lawyer replied 2 years ago
Maverick
Maverick, Lawyer
Category: Family Law
Satisfied Customers: 6,425
Experience: 20 years of professional experience
Verified
What is the fair market value of the house now and what is the loan balance?
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Customer reply replied 2 years ago
The fair market value now is about 530K and the loan balance if around $320. Also, does it matter that for 10 months my husband was out of work and I paid those 10 months 100%?
Family Lawyer: Maverick, Lawyer replied 2 years ago
So, in 8/08 when commingling began, the home and the debt on the home both became community property and community debt. As a result, when dividing up the appreciation or [if there was a depreciation] it would go off of the 8/08 date. Also, does it matter that for 10 months my husband was out of work and I paid those 10 months 100%?No, because you are dealing with a community debt as of 8/08. Please remember to assign a feedback rating so JA will compensate me for my time. You are free to ask follow-up questions thereafter at no charge. Please allow up to 24 hours for a follow-up response if I am signed off. If, for some reason, you are not satisfied with the answer, I would appreciate knowing why so that I can try to clear up any misunderstanding that may have taken place and still earn a positive rating from you. If you would rather obtain a refund of your deposit, just let me know and I will inform JA on your behalf. Finally, you may request me in the future by beginning the question with "THIS IS FOR MAVERICK". Thank you for using Just Answer.
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Customer reply replied 2 years ago
But I am not on the deed so at the time of marriage the asset remains separate property but I am owed a portion due to community money paid for it right? It was not community property. He put 98K down but at the time of marriage he only had about 30K of equity because of the market crash. Is my husband entitled to his down payment first?
Family Lawyer: Maverick, Lawyer replied 2 years ago
Even though you are not on the deed, based on the commingling of the finances as of 8/08, you should be entitled to 50% of the APPRECIATION in the EQUITY of the house. Whether that is done through a cash property settlement unrelated to the house or through an eventual sale of the house is up to the court and the two of you.
In other words, since the debt would also have become community debt as of 8/08, then the two of you would bear any further loss in equity as of 8/08 if that has occurred as well.
Is my husband entitled to his down payment first?
You will need to run the numbers. It may work out that he gets all his down payment back since the house has appreciated; but it is not necessarily the case that he gets his down payment back first.
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Maverick
Maverick, Lawyer
Category: Family Law
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