I have the following questions regarding property:
I have rental properties I purchased with money from the sale of property I inherited before this marriage. The money was held for a 1031 exchange by a qualified intermediary until the properties were purchased and the properties are in my name only. (I did use the leftover funds to purchase our marital home, I know that house is joint property.) Are my rentals solely mine?
I have money from the sale of a house from my previous marriage, put into an account with only my name and have drawn no money from that account. That account also contains funds inherited from my mother. I don’t add to or withdraw from that account. Is this account solely mine?
I own a townhouse I used to live in before this marriage (and now rent out) that is solely in my name. My husband lived in it with me for a few weeks after we married before we bought a house. Is this propery solely mine?
I have an IRA that I had before this marriage that I have not added to or taken from since being married. Is this solely mine?
(1) The rental properties are likely your separate property.
(2) The funds in the account are likely your separate property.
(3) The townhouse is likely your separate property. However, your husband could have a claim that the townhouse has a marital property classification as well if, during the marriage, his income contributed to paying down the mortgage on the townhouse and/or contributed to making any improvements to it.
(4) The IRA is your separate property since you have not contributed any marital funds (funds earned during the marriage) to the account.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
So you say “likely” mine on the first 3 questions. (As for #3, the townhouse was paid off so he did not put any money into it for mortgage or repairs). What more information is needed to find out if they would be mine for sure?
If the rentals are indeed mine, is the rental income mine as well?
To be certain, I would have to be more familiar with your case, look at financial documents, etc.
The rental properties could have a marital property classification if, for example, marital funds (funds earned during the marriage) were used to pay down a mortgage and/or to make improvements to the property.
The townhouse would be your separate property if your spouse did not contribute any funds for a mortgage or for improvements.
Any rental income received from your separate property is also considered your separate property.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.