One question that is commonly asked by couples during their divorce is whether or not they can get the down payment for their home back if it was paid before their marriage. In this blog, we explain if it is possible to get your down payment back as part of your divorce settlement.
Marital Property
With a few exceptions, all the property you acquired during the time you were married to your spouse is considered marital property. This is true regardless of which spouse paid for it. Marital property includes things like houses, cars, furniture, appliances, stocks, bonds, jewelry, bank accounts, pensions, retirement plans, and IRA’s. Exceptions to this include:
- Property received by one spouse as a gift
- Property inherited from a third party
- Property excluded by a valid agreement
Non-Marital Property
Property that you obtained before your marriage is called non-marital property and remains with the spouse who purchased it. When a couple decides to end their marriage and one spouse wants to claim particular property as their own, the person seeking the property will have to prove that the property in question belongs to them alone. A couple can claim joint ownership for property by creating appropriate agreements or transfers of title. Non-marital property is protected from another spouse’s debts.
Assessing Value
After determining which of your property is marital and which is non-marital, you and your spouse, or the court, will assign a monetary value to each item in question. If you need help determining values, you can hire professional appraisers to help you come to dollar figure. Getting back your down payment will largely depend on if you were married at the time you paid it. If you want to know if you are eligible to have your spouse pay you back for the down payment for your family home, you should consult with our Annapolis divorce attorney.
Call (410) 593-0040 to request your free consultation with our legal team today.