Dear Liz: My wife recently asked for a divorce, which was difficult to hear. That said, I want to move forward with my life and part of this is being on sound economic footing. I have been the primary earner in our marriage for most of our 12 years together, even though my wife was capable of working full time. Since we live in California, does she get 50% of everything, including money I had prior to our marriage? And if I originally put in only one-third of the down payment on our house, am I only eligible for one-third of the appreciation, or do I get half?
Answer: Even in community property states such as California, assets acquired before marriage are typically considered separate property. Assets acquired during the marriage, however, are generally split 50/50. If you can trace your down payment back to your separate property, you may be able to get a reimbursement for that amount before the remaining equity is split between you. Your attorney can offer further guidance.
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