Legal Question in Family Law in California
my husband owned our home with his previous wife and put me on the deed in 1995. I don't undestand how the equity is split using CA law when the house was not purchased by both of us. The value of the house is much less than when we separated and would like to use our separation date to split the equity instead of when we actually sell the house. Is this a possible way to distribute the assets of the house. I also will be receiving some of his military retirement, I am considering paying for an insurance policy to assure survival benefits, but not sure how to go about doing this or if it is a good economical decision. Any advice you can offer will be appreciated.
1 Answer from Attorneys
The equity in the home is split based upon the appreciation of value from the date of transfer into both names until the date of trial or sale. Generally, the date of separation is not the date of the value. You should retain an attorney to make sure the final order is the most beneficial possible. You can look a the cost of a life insuranc policy rather than the survivor benefit plan of the military. That may be a bit tricky and you should have any such order prepared by an attorney. Good Luck, Pat McCrary
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