Equity distribution

Wife and I bought a home 9 years ago and just
sold it for a profit of 55k. The House was
purchased in her name while we were
engaged. The money is in a joint account. If we
divorce do we half the money?

Asked on October 2, 2017 under Family Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

If the property was purchased prior to marriage it is considered separate property.  It can become marital property if certain factors are present or quasi-marital property for the increase in value if one of the parties activily contributed to its increase (i.e., it was not just because of the real estate market).  The depositing in to the joint account can also be an indication that it was intended to be marital funds.  But there could be a "convenience" defense in your state.  Seek legal help.  Good luck.


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