Q: The house and separate property of land is in my wife's name only. She's threatening a divorce and to take it all.
I had bad credit when we purchased the house so it was only put in her name. When we bought the property of land later collectors were trying to take a judgment out on me because I went to a debt consolidation and they said not to pay anyone so we could settle for less on what was owed basically killing my credit score. anyways my wife is threatening a divorce and take everything because it's only in her name what can I do? I have paid all of my past loans and have a good credit score now. We bought it as a fixer upper I have done all the improvements on the house been working on it for the last few years as we lived in it. It is a 1850 Farmhouse that I have done almost everything over to new.
A: It does not matter whose nmame os on the deed for property. The issue is when was the property purchased, and possibly, where did the money come from. If the property was purchased during the marriage then it is presumed to be marital. If the money to purchase was from pre-marital assets she may be entitled to a credit. You neede to talk to a lawyer about this right away so she does not try to dispose of the property first.
A: Any property purchased during the marriage is considered "marital property" no matter how title is held. The property will be "equitably" divided (which does not necessarily mean equally) in the divorce depending on the facts presented to the court. If any pre-marital monies were used to purchase the property and the funds can be traced to a pre-marital account, that person may be entitled to a credit from the marital assets for that amount.
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