Refinanced During Marriage


#1

My husband had a home he owned prior to our marriage. During the marriage, we refinanced and I was added to the title. Is this considered marital property?


#2

The home could have a dual classification. It is separate property because your husband acquired it prior to the date of marriage but it may also be marital property if your income helped pay down the mortgage, make improvements which added to equity, etc.


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.


#3

I have the same situation where my wife owned the house prior to being married. We refinanced about a year in to the marriage and have been married for 10 years and divorcing. My income definitely contributed to the reduction of the mortgage and we did make improvements to the home as well. She is in the process of selling the home what would be my rights under equitable distribution in regards to the home? Also I am on the deed after the refi.

Thanks


#4

Your situation sounds like the house has a dual classification: separate property of your wife because she acquired it prior to marriage and marital property because your income helped decrease the mortgage and helped with improvements. The fact that your name is on the deed is irrelevant in North Carolina.

You should file an equitable distribution action against your wife in an effort to divide the marital property. Due to the dual classification, if you and your wife cannot agree on the marital value and how that factors into the total net marital estate, then you will have to ask the court for help in equitably dividing the marital 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.