Dear Quentin, I’m aware that property acquired during a marriage is generally considered marital property. However, I believe you noted in a recent column that this is also true of a house purchased during a marriage with only one name on the deed.
If one individual receives an inheritance during the marriage, purchases a home solely out of those inherited assets and places only their name on the deed — assuming there is no mortgage — would the home still be considered a marital asset? In other words: If the inheritance is not a marital asset, is the home purchased with those assets also not a marital asset? Would the most straightforward way to manage this scenario be to work with attorneys on an amendment to the prenup? Thank you for any insight that you can offer. Married, But Cautious
“A property purchased during a marriage with one person’s name on the deed will typically be regarded as marital property, but it will ultimately depend on the laws of your state.”
Dear Married, That’s a big question. A property purchased during a marriage with one person’s name on the deed will typically — but not always — be regarded as marital property. It will ultimately depend on the laws of your state, and whether you live in a community-property or equitable-distribution state. Under community-property laws, anything acquired during a marriage belongs to both parties. With equitable-distribution laws, property is divided fairly, if not equally. The accumulation of marital property typically ends if one or both parties file for divorce. Whether or not a postnuptial agreement or an amendment to any existing prenuptial agreement will be able to ensure such a house …