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pre-marriage money purchasing matrimonial home after marriage

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  • pre-marriage money purchasing matrimonial home after marriage

    What is my pre marriage asset? Should it be deducted part of money used as down payment for matrimonial home?

  • #2
    What is my pre marriage asset? Should it be deducted part of money used as down payment for matrimonial home?
    Your marriage date assets and debts are whatever existed on the marriage date, in whatever form they were on that day.

    If you had $50k in the bank on your marriage date, that is your asset. What happened to it later does not matter.

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    • #3
      Unless you put it into the matrimonial home, no? ...as joint tenants.

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      • #4
        Originally posted by dadonown View Post
        Unless you put it into the matrimonial home, no? ...as joint tenants.
        No, so long as you had the assets prior to marriage, the assets are still your's. On the other hand, If you receive an inheritance during your marriage and put those funds towards the matrimonial home, that asset is no longer solely yours, but is split when determining the value of the home upon separation.

        Sent from my Pixel XL using Tapatalk

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        • #5
          Unless you put it into the matrimonial home, no? ...as joint tenants.
          It does not matter what form your assets or debts take, only the numbers.

          Equalization is calculated as your net worth on the separation date minus your net worth on the marriage date, subject to a few rules (the two most prevalent: if you owned the matrimonial home on the marriage date then the marriage date value is not deducted, gifts and inheritances can be excluded).

          If you had $100k in investments on the marriage date it does not matter what you do with it or what form it takes on the separation date. The fact that it later went into the matrimonial home is irrelevant. You had $100k in assets on the marriage date.

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          • #6
            Thanks.
            One more question, if $50k of pre-marriage money in bank are the gift from my parents for buying the matrimonial home (2 month later). Is this $50k also considered my own or my spouse could share half of it?
            Originally posted by OrleansLawyer View Post
            It does not matter what form your assets or debts take, only the numbers.

            Equalization is calculated as your net worth on the separation date minus your net worth on the marriage date, subject to a few rules (the two most prevalent: if you owned the matrimonial home on the marriage date then the marriage date value is not deducted, gifts and inheritances can be excluded).

            If you had $100k in investments on the marriage date it does not matter what you do with it or what form it takes on the separation date. The fact that it later went into the matrimonial home is irrelevant. You had $100k in assets on the marriage date.

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            • #7
              if $50k of pre-marriage money in bank are
              It does not matter where the money came from if you had it on the marriage date. It could be a gift, it could be your savings, it could be in a house you own on the marriage date (but which is not the matrimonial home since you sold it before your separation date), it could be from the 10 kilos of cocaine you sold at your bachelor party. It is an asset you owned on the marriage date.

              the gift from my parents for buying the matrimonial home (2 month later).
              There could be a question of whether it was a gift to both of you (and thus your spouse was entitled to 50% on the marriage date), or just to you. From your earlier posts it sounds like it was in your account (not a joint account) on the marriage date, which means it was transferred only to you.

              Whatever happened to the money after marriage is irrelevant. You could have transferred half, or all, the money to your spouse, or put it into a house, or a business, or bought back your 10 kilo of cocaine. None of that matters. The only dates that count are the separation date and the marriage date.

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              • #8
                I am not sure, but I would wonder if the gift was for the purchase of home, and yoiu were purchasing this home because you just got married, maybe its considered a gift to both of you, since you said the purpose of the gift was to purchase the matrimonial home.

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