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but isn't in marriage the assets acquired before marriage are not split ?
For inheritances - by one spouse during the marriage through a gift from third persons or by inheritance, or from the proceeds of separate property, as long the owner of the separate property has kept those proceeds isolated from marital property.
So if your child is give a million dollars and this child uses part of the million dollars for a vacation, pay for daycare, etc, that inheritance is considered joint property.
If the house was acquired by one spouse prior to the marriage, it is that spouse’s separate property, however, there may be a marital component if marital income has been used to pay the mortgage or the house became jointly titled.
For example, if you owned a home before marriage and you sell it and use proceeds from that sale to purchase or contribute to a new home during the marriage, that new home can be considered hybrid property—if you can trace the amount of your contribution.
Additionally, the court may consider an increase in the value of the separate property during the marriage to be marital property if you demonstrate that there is a substantial increase resulting from 1) contributions of marital property or 2) the significant personal efforts of either spouse.
So if your child's spouse paints the house, pays for changes in the landscaping, pays for upgrades like new kitchen cabinets, it becomes a hybrid property and the spouse can be award a percentage of proceeds for the sale.
If their children live in the home, it's possible that the judge will allow the spouse with the children to remain in the home. After the children reach the age of 21, the house would be sold.
For inheritances - by one spouse during the marriage through a gift from third persons or by inheritance, or from the proceeds of separate property, as long the owner of the separate property has kept those proceeds isolated from marital property.
So if your child is give a million dollars and this child uses part of the million dollars for a vacation, pay for daycare, etc, that inheritance is considered joint property.
If the house was acquired by one spouse prior to the marriage, it is that spouse’s separate property, however, there may be a marital component if marital income has been used to pay the mortgage or the house became jointly titled.
For example, if you owned a home before marriage and you sell it and use proceeds from that sale to purchase or contribute to a new home during the marriage, that new home can be considered hybrid property—if you can trace the amount of your contribution.
Additionally, the court may consider an increase in the value of the separate property during the marriage to be marital property if you demonstrate that there is a substantial increase resulting from 1) contributions of marital property or 2) the significant personal efforts of either spouse.
So if your child's spouse paints the house, pays for changes in the landscaping, pays for upgrades like new kitchen cabinets, it becomes a hybrid property and the spouse can be award a percentage of proceeds for the sale.
If their children live in the home, it's possible that the judge will allow the spouse with the children to remain in the home. After the children reach the age of 21, the house would be sold.
Thanks for this
I’ll consult an attorney before taking any big steps
In many situations it seems like parents do give their kids money for life. I see it all the time especially when it comes to buying a home.
Honestly, as someone who was older when I had my daughter, I think a lot of parents (of all ages) try to justify not setting up their children for the future. I have a niece who is not that much older than my daughter. Her mother was very unstable, and her father was never in the picture. You know where she is now? In jail.
In 2024, and earlier, you shouldn't have a child if you feel no obligation to help them go to college and help with at least a down payment. They will be behind their peers.
In 2024, and earlier, you shouldn't have a child if you feel no obligation to help them go to college and help with at least a down payment. They will be behind their peers.
Yet, I know nice, responsible people who can't afford to help their kids financially.
Many families sent their kids to community college for two years. They allowed them to live at home while commuting to a local university for their BS/BA. The local university was paid with student loans. The kids continued to live at home after college, rent free, and saving home before moving out.
I know a ton of parents who sent their kids to Hunter College in NYC which is a few thousand dollars a year. The kids lived at home and their parents paid for the MetroNorth commuter train tickets.
They loved and cared for their children which was the important piece - not their money.
I paid for four years of a private college for my kids. I couldn't dream of providing a large down payment for a house.
If they are behind their peers, well - a lot of their peers are behind them with student loans debts. It's all relative.
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