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Tags >> equity
My wife and I are in the process of working out an amicable divorce. We are planning on going the "no fault" route. I am being told (by a relative who is an attorney helping us prepare for the filing) that if she stays in the house, I would have to pay extra spousal support. In addition, she would not be required to refinance the house, buying me out. Is this true? It certainly doesn't seem right that we would build equity in the house together over the years we have lived in it and, after the divorce, I would still help her build equity!
My wife and I have kept everything financial separated throughout our 2-year marriage. Now, facing divorce, I am wondering how things will be divided. We have no joint accounts of any kind, checking, savings, credit cards, cell phone plan, etc. I have savings (checking, savings, 401K, IRA, stocks, house). She has zero savings and is in debt (acquired prior to marriage). Her credit card debt is close to $2000, and she has a loan against her 401K. She has no other assets except her car and jewelry. The house is in my name, and I was living in it prior to our marriage. I have 20% equity in house. My wife has never made any payments towards house. Does she have any right to the equity in the house? I’d also like to know if she has any right to half of my 401K. We were married in 2008, and the value of my 401K is now less than what is was when we married. Does she have rights to half of the gains made in 2009, but none of the losses in 2008? And does the same apply for IRA's?
My wife's name is on the deed of the house that we lived in for the five years we were married. I know I have the right to shared equity while we were married. My question is, we want to do a uncontested divorce through mail. Once it becomes final, do I lose my right to that shared equity?
Question: My wife is not on the title but is on the loan. It was my house and when we refinanced, the title company did not include her on the title, just on the loan. We have only been married three years and she brought money into the marriage from the sale of her house. Since the money was comingled, she wants half of the farm. Can we fight that and win? She already wants $750 per month for child support and lots more money from splitting assets. I had the farm six years before we got married and prior to refinancing, was on both the title and the loan. Answer: It is difficult to say for sure that you can fight this and win. It is totally dependent on the documentation that you can provide to back up your claim of separate property. At minimum, she will be entitled to one-half of the appreciation in the equity of the farm. I think you can preserve the separate nature of the remaining interest, but you will have the burden to produce all the documentation and information to prove that you had no intent to make the farm marital property by refinancing. |
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