By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Finance > I met my wife in 2019 and we married in 2020. I put her name on the deed of my $998,000 California home. Now I want a divorce. What can I do?
Finance

I met my wife in 2019 and we married in 2020. I put her name on the deed of my $998,000 California home. Now I want a divorce. What can I do?

News Room
Last updated: 2023/06/17 at 6:15 PM
By News Room
Share
6 Min Read
SHARE

Dear Quentin,

I bought my home in California for $520,000 in 2017. It’s now worth $980,000. In 2019, I met my now-wife who moved in at the beginning of 2020. We married six months later in July 2020. Things were going great and we decided to have one bank account. I also added my wife to my home on the deed as 50/50 in January 2021. 

Contents
Dear Quentin,Dear Wondering,

I make close to $200,000 a year, and my wife makes $78,000. After I put my wife’s name on the deed, our relationship did a ‘180.’ I have mentioned how things have changed hoping she would take my feelings into consideration. I have also mentioned counseling, which I have attended, but she has no interest. 

I now want a divorce as I can no longer live the way I am living. My question to you is this: Is my wife entitled to half of my home given that she is on the deed and not the loan? Keep in mind she was only added to the deed in 2021. Or is she only entitled to the equity from the time her name was added to the deed?

Thanks for any information you can provide,

Wondering in California

Dear Wondering,

This is one of those letters where I wish you had written before you put your wife’s name on the deed of your house, and before you had commingled your bank accounts. For everyone else, it serves as a cautionary tale. Your wife is entitled to half of your home and half of your commingled funds, in the event that you divorce. Talk to a family attorney and give them the lay of the land.

Your wife is on the deed, making her a co-owner. It’s not something that can be undone without your wife’s consent, and it seems unlikely — from everything you have said — that she would do that. If she were on the loan but not on the deed, we would be having a different conversation. (Being on the loan rather than the deed presented different complications for this divorced man.)

California is a community-property state, and anything acquired during the marriage is considered community/marital property and typically split 50/50. Assets acquired before the marriage are considered separate property, but your wife would — for example — be still entitled to 50% of the acquired value during your marriage.

That said, splitting assets 50/50 is not always so straightforward. “Valuing some types of assets can take time, commingling can make it more challenging to determine who is entitled to what, and if one spouse tries to conceal community property to avoid division, forensic accountants may have to get involved,” according to Renkin & Yip, a San Diego-based law firm.

Given the disparity in your incomes, it’s clear your wife would not have been able to afford this home on her own. It’s hard to know what goes on inside a relationship, and we can never fully understand what goes on inside another person’s mind when it comes to romance and finance. A smart divorce attorney will be able to advise you on any negotiation power/leverage you may have.

I do have some questions for you. How dramatic and sudden was the change in your wife’s behavior? Did she suggest that you put her name on the deed and commingle your accounts? Only you know whether the relationship is salvageable, but if you are unhappy you may not wish to subscribe to the sunk-cost fallacy. A divorce would be more costly 10 years from now.

It’s a tough break — and a lesson to people everywhere to be careful about protecting their assets, especially with someone who they may have married in haste. Romance and emotions aside, six months or even a year is typically not long enough to get to know someone. People may behave in accordance with their wants and needs. You have learned that, and it could be a costly lesson. 

You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com, and follow Quentin Fottrell on Twitter.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell:

‘I feel so betrayed’: Who should get my mother’s diamond rings? My late sister left them to her daughter-in-law. What options do I have?

I sold my late mother’s home for $250,000. I make $80,000 and have $220,000 in student debt. I want to buy a house. Should I use all my inheritance for a down payment?

‘This guy grifted me hard’: My date chose an exclusive L.A. restaurant. After dinner, he accepted my credit card — and we split a $600 bill. Shouldn’t he have paid?



Read the full article here

News Room June 17, 2023 June 17, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Retail investors reap big gains from ‘buying the dip’ in US stocks

Stay informed with free updatesSimply sign up to the US equities myFT…

Israel to join ceasefire talks despite ‘unacceptable’ response from Hamas

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Tesla and China: EV maker is facing competition like never before, analyst says

Watch full video on YouTube

How Tariffs Will Make Everything More Expensive In The U.S. | CNBC Marathon

Watch full video on YouTube

Texas flash flood claims at least 24 lives

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Finance

4 Ways To Avoid Fake Shipping Fee Swindles

By News Room
Finance

Dell Supports Endeavor Miami’s Quest To Empower Black Founders

By News Room
Finance

The World’s 10 Most Expensive Cities To Live

By News Room
Finance

Biden Sends Student Loan Forgiveness Emails To 800,000 Borrowers

By News Room
Finance

New Student Loan Forgiveness Application For Those With Medical Issues

By News Room
Finance

Who Really Owns Nursing Homes, And How The Feds Are About To Learn More

By News Room
Finance

Gone Are America’s Cushiest Federal Prisons

By News Room
Finance

Can You Still Get Insurance After A Cancer Diagnosis?

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?