Buying a home married?

[wendlesora]

My wife and I have separate accounts and don't mingle our finances. We are considering buying a home together. She has a quarter of what I have to put down as a down payment. Is there a way to have a property purchased whereby she is 1/4 or 1/3 owner and her share of the mortgage payment is also 1/4 to 1/3? We live in California. I am not sure how the property laws work for married couples here.

[vemados]

It'll be 50/50. Only way you can divvy it up more to your liking is by drawing up a legal agreement with an attorney. Example: your contract could say if you separate you get first option to refinance the home, or vice versa, if you can't refi you sell and you get a 75% of sale profit and she get 25%... Just an example.
If you are interested in dividing the property, I'd start with talking to an attorney and seeing your options regarding a contract. Also keep in mind Cali is a tough state to divide property like that after marriage, had it been in a prenup it would be much easier, it's not impossible by any means, but tough, so make sure you see the right attorney for your needs that will know the state laws and do everything properly.. Make sure you cover all your bases.
Good luck

[victorio83]

No, if you are on the title, you have an equal share. If you are on the loan, each party is wholly responsible for the entire payment.

Honestly, if this is how you want to do it, you should reevaluate your marriage, sounds like you aren't to sure it's going to work out. So maybe buying a house isn't the wisest thing.

[mate]

Not in CA.


Community property, all the way. All those funds are community funds and all property is owned 50/50, no matter who's name is on what.