Selling real estate acquired before marriage

[meldresler]

I am in Virginia.

This should be easy to answer. I bought a condominium many years before getting married. Since getting married 2.5 years ago, I have been renting out the condominium. It is still in my name only.

I am now considering selling, but I want to protect the assets (not divide with my spouse). Am I legally under any obligation to divide these with my spouse? We have no pre-nuptial agreement.

Just a note in case it matters: I have paid the mortgage and condo fee with my own money (from the rent). My spouse occasionally helps with a repair or spends a few dollars on parts for minor repairs but has not paid any mortgage costs with his own money.

Thank you for any clarification!

 

[nextwife]

It is a premarital asset, non-homestead, titled to you as the sole owner? And marital funds were not used to make payments? Me thinks a title company would require only your signature on the conveyance.

 

[JETX]

"Am I legally under any obligation to divide these with my spouse?"
*** A court could find that your spouse is eligible for at least part of the funds. Here are the issues, as I see them:
1) Any rent received during the marriage COULD be considered joint income.
2) Any payments made during the marriage, could also be considered to derive from the joint account. You say that you make the payments purely from the rent, but that rental income which could be joint was diverted to pay the mortgage.
3) Any equity appreciation in the value of the property between the marriage and the sale could also be considered joint equity.