Top 5 Family Law “Pitfalls” in Real Estate

Thinking about getting married?  Or maybe you already are?  It’s important to understand how to protect your real estate assets in case your relationship doesn’t pan out.

1. House purchased during the marriage by both spouses but using money given by on party’s parent.  This may be considered a gift to the community, and both spouses may be equally entitled to the gifted funds.

2. House already owned by both spouses as a Community Property, but refinanced in one party’s name because of credit problems.  This may be viewed as transmutation, which means you are converting a separate property into marital property.

3. House to be purchased by a non-married couple who may choose to marry at some point in the future.  This could fall under a cohabitation agreement.

4. House owned by one spouse as separate property and placed into a revocable family trust without the proper protective language.  This could also be construed as transmutation.

5. House owned by one spouse as separate property, where the mortgage is paid-down during the marriage using Community Money could also be interpreted as Transmutation – Moore/ Marsden.

This article should not be construed as legal advice.  We are not attorney’s and providing any legal information is beyond our scope of expertise.  We highly suggest you consult legal counsel regarding any items mentioned in this post, especially if you are going through a separation or divorce or contemplating one.

Do you have questions? We have answers.

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Robert Rodriguez

Robert Rodriguez

Compass

Written by me, for you.

Goal: Providing my clients, friends, and colleagues with timely, intelligent and actionable advice.  I am always available to answer your questions.  Text, call or email 818-395-5517 | Robert@WestLALiving.com

Professionally Speaking: In my 8 years as a licensed sales agent, I have climbed the ranks of the LA residential sales industry, distinguishing myself both locally and nationally. I am closing in on sales upwards of 200 properties throughout the LA area and in a variety of neighborhoods with a wide range of property types. I have successfully sold complex Estates, land, income property, single family, luxury leases and condos. I have widely been recognized by both colleagues and clients as a respected professional whose reliability, dedication, and expertise is second to none.