It is common for newly-weds to purchase homes soon after marriage.
Since many couples have not had time to save up marital funds, it is normal for one spouse to make a down payment from their separate property or receive a family gift.
Alternatively, both spouses may take a percentage of their pre-marital savings to satisfy the down payment.
If you made a down payment on a new house right after your marriage, you might be wondering if you can get that money back in a divorce proceeding.
An experienced attorney can review your situation and determine if you are eligible to recover your down payment.
California 2460 reimbursement Claim
California’s 2460 reimbursement claim is the foundation for recovering a down payment made towards a home that was purchased during marriage:
a) “Contributions to the acquisition of property,” as used in this section, include down payments, payments for improvements, and payments that reduce the principal of a loan used to finance the purchase or improvement of the property but do not include payments of interest on the loan or payments made for maintenance, insurance, or taxation of the property.
A knowledgeable California divorce attorney can explain all the provisions of the law in an easily accessible manner.
That said, there is a basic process towards filing a successful 2460 claim which involves the following steps:
- Identify the amount of down payment — First, you must be able to accurately identify the amount of down payment. This can be accomplished by looking at the initial escrow paperwork from the purchase of the marital home. Should you be unable to find the escrow documents, your lawyer can help you subpoena them during your divorce case.
- Provide documents to where the down payment came from — Next, you need to provide documentation showing where the down payments funds originated. For example, you may have received the down payment money as a gift from a family member, sale of another property before your marriage, or money from an investment or bank account.
- Gather evidence to prove your 2460 claim — Lastly, evidence to support your claim must be gathered. This includes any documents that can show the amount of down payment as well as any materials that can prove the down payment came from a separate source.
The divorce process is often wrought with emotional turmoil.
A skilled Monterey divorce lawyer can help you navigate the law and make decisions with confidence.
Monterey divorce lawyers protect your rights and assets
Giuliano Law provides unparalleled legal guidance to divorcing clients throughout Central California, including Hollister, Santa Clara, Santa Cruz, Monterey, and San Benito counties.
To discuss your case with an experienced attorney, call (831) 372-4003 or contact us online.