Community property

[agonzalez]

What is the name of your state? California

I am currently in the process of going through a divorce, however, there is a home involved. My questions is, if my wife has chosen to buy me out, what is the legal sale price I can use ? She has informed me that since the seperation date was june/2003 she can legally use that as the sale price !! True or not true ? I need answers fast !!

Thank you for your help,

Armando

 

[pinecone1954a]

Re:community property

In California this must happen. You need to get the house appraised. Then you must subtract and split any mortgage amount still owing. You must also divide equally if possible anything in the house, furniture etc. Then that is the amount for the buy out.

 

[nextwife]

Yes and no. This ONLY applies to MARITAL property. Anything either of them BROUGHT to the marriage would not be subject to split. I see the same misunderstanding when people will state "I should get 50% of his 401K". Not necessarily. Only the portion that accrued during the marriage, any premarital balance can be deducted and not counted.

Talk to your attorney. I have seen 50% calculated on the entire balance, but the amount paid in mortgage, etc fees by one party since legal seperation then credited to them.