Q: Is my parents' house a marital asset in my divorce?
In 2007, my parents used a quit claim deed for $10 to add my name to their house to allow me to obtain builder permits for construction. I have no financial investment in the property. I'm now going through a divorce after being married for 27 years. My name was added to the house deed 10 years into the marriage. We never lived in the house, and we didn't contribute financially to the property; my parents handled everything. There are no prenuptial or postnuptial agreements. Can this property be considered a marital asset, or should I remove my name from the deed?
A: In divorce proceedings, courts generally presume that assets acquired during the marriage are marital unless proven otherwise. Your spouse could argue that your name on the deed represents an ownership interest and that any appreciation in value during the marriage should be divided. However, a paper trail showing that this was never "your" property would be good to establish that this property is not a marital asset. This is strengthened by the fact you never contributed or lived at the property.
A: You should have an attorney. If you do, you should be asking your attorney this question. By virtue of you being on the deed, you have an ownership interest in it, making your ownership interest marital property in my opinion. As the other attorney points out, you have a good argument to claim that it is not marital property. However, you must consider it so unless the court rules otherwise.
A: First, it is too late to remove your name now. Second, what is more important is whether you have invested any money in the house during the time that your name was on the deed. Your name on the deed, by itself, does not make the property something for the court to consider. Depending on how it is titled, your interest in the house is probably 1/3 which means your wife could go after 1/6. There are other factors to consider as well. Speak with a local family lawyer for more specific advice.
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