Liquidating your marrital assessts

07-Mar-2019 09:12

For instance, if a married couple bought a TV with 0 from the husband’s salary and with 0 that the wife received as a birthday gift from her mom, the TV would be three-fourths community and one-fourth separate property. even if the couple doesn’t close on the house until after they’re married, and even if all mortgage payments are made with community funds.

For instance, if a man signs an earnest-money contract on a house the day before he gets married, the house is his separate property . The rule is the same for installment contracts—while the bank doesn’t hand over the title to your car until you pay off the note, the title “relates back” to the day the installment contract was signed.

Unlike sole-management community property, “joint-management” community property is subject to all tort or contract liabilities of either spouse, whether the liability arose before or during marriage—making it the most vulnerable type of marital property.

In situations where one spouse works and the other stays at home, the divorce court’s inability to award separate property to the other spouse would result in the non-working spouse’s walking away from the marriage with nothing.

But if she were to withdraw ,000 more, and then later deposit 0,000 back into the account making it equal to 0,000 once more, only ,000 would be separate property—unless she can trace the withdrawn funds sufficiently to overcome the community presumption.

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One similarity between the divorce and death contexts is that the other spouse is entitled to be reimbursed for any community funds expended to improve the other spouse’s separate property, and vice-versa.

He testified that he did so to pay marital expenses including his and his children’s living expenses.