Dear financial expert,

After 30 years of marriage, I am thinking of a divorce.

He never mentioned my name in the family home that my husband bought with his ex-wife. Seven years ago, I signed a mortgage to renovate the house. He promised that if I signed, he would add to the action.

After reviewing the review database, I found that this was not the case. If we get divorced, will our compensation turn our home into community property?

My husband is a business owner and has a $ 500,000 small business loan. I am not currently involved in the business. Is this loan considered community property?

Wife

You can email the financial professional with any financial and ethical questions related to the virus, qfottrell@marketwatch.com, and follow Quentin Fottrell Twitter.

Dear wife,

Aha, the old “add you to the mortgage, but not to the action.” It’s not as unusual as you think.

Your story is always a careful story to write down, especially with your spouse for decades. It is not recommended to sign a mortgage agreement. Obviously, tell your husband that you know he has not added you to his promise and ask him to fulfill this promise for you and become a man of his word. If he refuses, you are in real danger.

So, first of all, bad news. Erin Angelakis, a family lawyer in New York, says. “Referee is not qualified to change a property or to change its behavior from a different property to a marriage property,” she said. An action that includes your name will only remain if it is properly executed and notarized.

Now, perhaps for the good news, even if you are not included in the action, “Are there improvements? Was Marriage Money used to pay the mortgage? Angelica asks. If you have contributed to a mortgage or financial support for the renovation of the property over the past three decades – and that includes the use of common bank account improvements – then yes, the property may be a mixed asset.

If this property price went up, how did you help this happen? “What did he do to raise $ 500,000 to $ 700,000?” Angelica asks. That $ 200,000 appreciation is where you can see the potential claim that your spouse has contributed to it and in which marriage money you have invested. Only market forces are not involved.

A business or commercial loan is not considered a marital property. Angelica tells many business owners, “Do they want a piece of my business? Why don’t you take a piece of my debt while you’re at it! “Business loans are not being used to pay off credit cards or family homes. Similar to your spouse’s home, Angelica asked, “What was the marriage donation? [that] Are you made for this business? ”

The answer, as often happens, is longer and more complex than the question itself. I hope this helps.

You can hear more about the financial expert’s discussion with Erin Angelakis on this and other issues of “Managing Your Money.”

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The financier regrets not being able to answer questions individually.

More from Quentin Fottrell:

• George: ‘I just don’t trust my sister’: How can I give money to my cousins ​​without their mother having access?
• George: We are getting married and having children on the road. My wife offered to pay my $ 10,000 student loan and $ 7,500 loan
• George: I have three children. I handed over the house to my responsible son. He has now blocked my calls
• George: My brother-in-law left my house in a mess and died. The landlord wants me to paint and replace the carpet. What should we do?

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