What happens if you own a house before marriage and then after marriage sell it and use the sale proceeds buy another house?
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What happens if you own a house before marriage and then after marriage sell it and use the sale proceeds buy another house?
I owned a home prior to getting married. I sold the house and used the proceeds to purchase another house which was in both mine and my wife’s name. That home was sold and the home we are in now was purchased with the proceeds from the original sale. n a divorce, am I entitled to the entire amount of money that I have used to purchase our home or is the money considered to be joint property now?
Asked on June 16, 2015 under Family Law, Florida
Answers:
Joanna Mitchell / Joanna Mitchell & Associates, P.A.
Answered 9 years ago | Contributor
If you owned a home prior to the marriage AND it was paid for, and then sold that house and kept the monies in an account only in your name that was later used to purchase another house, then the second house is your solely, unless you added her name to the deed. If you owned a home prior to marriage and then sold it during the marriage and purchased a house and put the second house into both names, then the second house is marital property and she would be entitled to a half interest. Your question isn't really clear though, so I would suggest that you speak with an attorney in order to best determine what your potential rights and options might be.
Joanna M. Mitchell / Mitchell & Associates, PA
Answered 9 years ago | Contributor
If you owned a home prior to the marriage AND it was paid for, and then sold that house and kept the monies in an account only in your name that was later used to purchase another house, then the second house is your solely, unless you added her name to the deed. If you owned a home prior to marriage and then sold it during the marriage and purchased a house and put the second house into both names, then the second house is marital property and she would be entitled to a half interest. Your question isn't really clear though, so I would suggest that you speak with an attorney in order to best determine what your potential rights and options might be.
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