Top 5 Family Law Pitfalls in Real Estate
Protect your real estate assets
Thinking about getting married? Or maybe you already are? It’s important to understand how to protect your real estate assets in case your relationship doesn’t pan out.
1. House purchased during the marriage by both spouses but using money given by on party’s parent. This may be considered a gift to the community, and both spouses may be equally entitled to the gifted funds.
2. House already owned by both spouses as a Community Property, but refinanced in one party’s name because of credit problems. This may be viewed as transmutation, which means you are converting a separate property into marital property.
3. House to be purchased by a non-married couple who may choose to marry at some point in the future. This could fall under a cohabitation agreement.
4. House owned by one spouse as separate property and placed into a revocable family trust without the proper protective language. This could also be construed as transmutation.
5. House owned by one spouse as separate property, where the mortgage is paid-down during the marriage using Community Money could also be interpreted as Transmutation – Moore/ Marsden.
This article should not be construed as legal advice. We are not attorney’s and providing any legal information is beyond our scope of expertise. We highly suggest you consult legal counsel regarding any items mentioned in this post, especially if you are going through a separation or divorce or contemplating one.