Legal Question in Family Law in California
Divorce
Is money that is gifted or loaned for a down payment on a house prior to marriage considered separate property? Do I need to do anything to protect these dollars in the event of divorce?
Asked on 7/07/07, 2:50 pm
1 Answer from Attorneys
Lyle Johnson
Bedi and Johnson Attorneys at Law
Re: Divorce
A gift is separate property. A loan is not property. It is a debt. If the loan is paid with community property, that is wages earned during the marriage A written statement that the money is a gift, from the giver, and a clear record of the transfer of the money to the house purchase escrow. A written acknowledgment signed by the other spouse would be very strong evidence. Then care would have to be taken not convert the separate property into community property.
Answered on 7/10/07, 10:32 pm
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