I need financial advice on divorce regarding my rights to the marital home.
The home we live in is in my wife’s name, but I have made all of the mortgage payments since we were married.
In our divorce, would I have any right to the property’s value or receive credit for the amount of the mortgage I have paid off?
This answer only includes general divorce help for men since I am only licensed to practice in Colorado and am thus unable to provide any financial advice on divorce.
If the property was hers before the marriage, then it may be considered her separate property; whose name the home is in does not matter.
However given that marital funds were used to maintain the property (i.e. paying the mortgage) then by statute you have an interest in the increase in value of the separate property.
Where I practice, marital property is divided without regard to marital misconduct or fault. The court divides property as it deems equitable or fair, which does not necessarily mean the property is divided equally.
In making the decision of how to divide marital property the court considers “all relevant factors.” The factors outlined for consideration are as follows:
(a) The contribution of each spouse to the acquisition of the marital property, including the contribution of a spouse as homemaker;
(b) The value of the property set apart to each spouse;
(c) The economic circumstances of each spouse at the time the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to the spouse with whom any children reside the majority of the time; and
(d) Any increases or decreases in the value of the separate property of the spouse during the marriage or the depletion of the separate property for marital purposes.
Consult with an attorney in your jurisdiction for specific legal advice on divorce as I have only provided you general information. Cordell & Cordell has men’s divorce lawyers located nationwide.
To schedule an appointment with a Cordell & Cordell attorney, including Ashley A. Hughes, a Staff Attorney in the Colorado Springs, Colorado office, please contact Cordell & Cordell.