What to do regarding using money in our account to purchase a home since my partner will be keeping our current home?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do regarding using money in our account to purchase a home since my partner will be keeping our current home?
My partner and I have several business holdings. We also have multiple bank accounts with money in them. We have a house together that we live in now. I’m the one who will be moving out. I don’t like our current home since she is the one who wanted it I want my own home and not an apartment. She does not work and hasn’t worked in over 8 months. I’m the only one with a job. So, can I use some of our cash to purchase a home. I will not be liquefying any assets. Just using cash in the accounts now. Is this a plausible idea or should I not make that
purchase yet?
Asked on June 24, 2016 under Family Law, Texas
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Find an attorney before you purchase the house... or at least do a consult with an attorney before you purchase the house.
Generally, if you name is on an account, then you can withdraw or liquify as you need to because you have that authority. However, when a divorce is filed, many courts will put into place "standing orders." Standing orders are generic orders that say you cannot change anything, accounts, or incur debts once the divorce is filing. So... if you are going to make a purchase, you want to make sure that you do it before you file for divorce if you are in a jurisdiction that has standing orders.
Additionally, you want to make sure that a purchase of a home does not affect any advantages you may have in the property division. Texas uses a "fair and equitable" standard... which usually means something close to 50/50. If you have any equity in the home, you may be causing an imbalance in the division of property by purchasing a home...thereby causing you to receive less in the property division.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.