If I am getting a divorce and I purchase a primary residence for myself, is it considered a martial asset?
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If I am getting a divorce and I purchase a primary residence for myself, is it considered a martial asset?
I am currently staying at our residence until I can find a place for myself. What will occur is my husband will buy me out of our property together. If I purchase a property prior to our divorce being final will this new house be considered a martial asset? What if a file for separation has been done?
Asked on August 21, 2012 under Family Law, Vermont
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The laws vary from state to state and it would be advisable for you to speak with a family law or divorce attorney in your state before purchasing the house.
If you live in a community property state, community property is property acquired during marriage. Community property also includes income during marriage. Each spouse has a one half interest in the community property.
Separate property is property acquired before marriage or after the marriage ends. Separate property also includes income before marriage or after the marriage ends. A spouse has no claim to the other spouse's separate property.
If you are separated with no intent to reunite, property acquired would be your separate property and your spouse would not have a claim to your separate property such as the purchase of the house.
If you don't live in a community property state, other rules may be applicable.
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