jbar
Platinum
Reged: 12/16/06
Posts: 987
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A friend of mine, whose home was completely paid for, remarried a few years ago. She divorced this 2nd, cheating husband about 5 years later, and had to pay 1/2 the increase in value that accrued during that time...and houses increased by the double digits here every year for that time frame. Her house has gone from $135K to $248K, and she had pay him about $56,000.
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If it's any comfort, those were inflated dollars, and IMHO the price increases of about everything else were going up nearly as fast as homes. That "Core inflation rate" you hear about is a scam whereby they calculate inflation based on a "basket" of the most minimally inflating commodities they can find, and they change the "basket" contents all the time for this purpose! ATT I estimate the true inflation to be 20-40% per annum! Did I previously say something about George W.?
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Samsung
Platinum
Reged: 06/14/07
Posts: 2019
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I have another friend that built his house in 1990 for $110,000, and paid for it in cash, that he had saved for about 10 years (it was his first house). He married in 1991, and she cheated and divorced him in 2003. His house was worth $250,000 at that time, and he had to take out a mortgage for $125,000 to pay her off. In his case, even what he paid before marriage had to be split. He just recently put the house on the market....it take a 2 income family to support it...and living check to check for the last few years has him stressed.
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MommaMia
Platinum
Reged: 02/17/07
Posts: 376
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When you get an inheritance, that inheritance is yours alone. However, if you use that inheritance to purchase something during the marriage, say a house, that becomes marital property. I realize the purchase was made before the marriage, but now the equity is in question. I don't think she can touch the original 70k.
I live in Florida.
I also have a child, my name was on the deed and the house was purchased after we married. I don't believe I would have lost in court at all. When he put my name on the house, that was a "gift" to me.
Your wife may get a portion of the equity. Think of it this way. Say you had a 401k worth 70k when you married. That's yours. While you were together, that 401k increased in value to 270k on the day you file for divorce. Your ex wife would be entitled to half of that increase, or 100k. That's just the way it is. When you were together, both working and contributing to the marriage, property that you owned (and she owned too if you are in a community property state) increased in value. She is entitled to half of that increase, or so her attorney will claim.
When a gift or an inheritance is used to purchase a marital home is where this can get tricky, and the outcome will be up to the judge. She could claim that she paid more per month and contributed to the upkeep of the home. Can you prove that she didn't?
Also, dating someone after 2 months doesn't sound like you were trying to work it out for too long.
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golightly
Gold
Reged: 04/10/07
Posts: 141
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I'll tell you the story of my house. My husband bought it with his first wife. (Sort of - she didn't work). His grandfather loaned him the down payment. He had the loan recorded, and a formal lien placed against the home. When they got divorced, the ex wanted the house. Although the house had appreciated, they had refinanced, and there was no equity. And Grampa told her he would call his portion of the loan if she got the house - he didn't want to be her creditor. My husband offered her $20,000 if she would wait 12 months until he was in a position to refinance (due to rising real estate values. She took it, and still complains he "stole" the house from her.
Fast forward. I moved in 7 years ago. We've been married for 5. He owned the house maybe 12 years before our marriage. That said, since moving in, I pay the mortgage each month. I pay probably half the utilities and taxes. And probably about a third of any maintenance or improvements on the house.I've also done a lot of work - tiling, painting, landscaping etc... So, if we got divorced, should I not be entitled to half the equity in our home? (I believe that's how the law looks at it).
Anyway, if you had left your inheritance/ gift money in a fund collecting interest, it's not the same as having a house. The fund doesn't have heating bills that need paying, or flowers that need watering.
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WhatNext
Gold
Reged: 10/11/06
Posts: 192
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[quote]I'll tell you the story of my house. My husband bought it with his first wife. (Sort of - she didn't work). His grandfather loaned him the down payment. He had the loan recorded, and a formal lien placed against the home. When they got divorced, the ex wanted the house. Although the house had appreciated, they had refinanced, and there was no equity. And Grampa told her he would call his portion of the loan if she got the house - he didn't want to be her creditor. My husband offered her $20,000 if she would wait 12 months until he was in a position to refinance (due to rising real estate values. She took it, and still complains he "stole" the house from her.
Fast forward. I moved in 7 years ago. We've been married for 5. He owned the house maybe 12 years before our marriage. That said, since moving in, I pay the mortgage each month. I pay probably half the utilities and taxes. And probably about a third of any maintenance or improvements on the house.I've also done a lot of work - tiling, painting, landscaping etc... So, if we got divorced, should I not be entitled to half the equity in our home? (I believe that's how the law looks at it).
Anyway, if you had left your inheritance/ gift money in a fund collecting interest, it's not the same as having a house. The fund doesn't have heating bills that need paying, or flowers that need watering. [/quote]
Do you have a record of the mortgage and taxes you paid for the house? My STBX has never paid a dime for taxes and there was never a mortgage.
She has zero proof that she EVER paid anything towards the house EVER. She never even had a checking account (her choice not mine) until after she left me.
The ONLY thing she EVER paid for were the groceries and the cable bill and that was in my name also. She gave me the money and I wrote the check. There was nothing to do with this house ever in her name.
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WhatNext
Gold
Reged: 10/11/06
Posts: 192
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[quote]
When a gift or an inheritance is used to purchase a marital home is where this can get tricky, and the outcome will be up to the judge. She could claim that she paid more per month and contributed to the upkeep of the home. Can you prove that she didn't?
Also, dating someone after 2 months doesn't sound like you were trying to work it out for too long. [/quote]
I can prove that I paid for ALL the upkeep of the home. EVERYTHING that was paid for was paid for in my name ONLY. Also she can not prove at all that she helped with any upkeep for the house EVER. She didn't even have a bank account(her choice) of any kind until a month before she left me. As far as trying to work things out and dating someone a few months after she left, we had zero sex for months before we broke up and before that she had little or no interest in sex at all EVER. The problems we had were brewing for years. The last 3 or 4 months together I told her many times that everyday is another chance for us to to make things different and all she would say is "I don't love you anymore" and "we're not worth saving" being told that over and over made it easier for me to start dating.
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WhatNext
Gold
Reged: 10/11/06
Posts: 192
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[quote][quote]
>>>>>>>>>>>She's much more likely to settle quickly if there's a chance she'll have to pay maintenance or legal fees . You have separate property ( the house ) and that CAN be a factor in the distribution of other marital property and the risk of spousal support . [/quote]
I am not really sure what you mean here. The only marital property is the appliances I listed. Because I own the house outright this could mean I may have to give her other items that she would call marital property? Even all the furniture was purchased by me or gifts from my family. When she moved in with me all she had was a duffel bag of her clothes that's it. And are you also saying because I own the house this may mean I may have to pay her support? Even though she makes more money than I do? Thanks for your help.
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MommaMia
Platinum
Reged: 02/17/07
Posts: 376
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>>>>>>Do you have a record of the mortgage and taxes you paid for the house? My STBX has never paid a dime for taxes and there was never a mortgage.
She has zero proof that she EVER paid anything towards the house EVER. She never even had a checking account (her choice not mine) until after she left me.
The ONLY thing she EVER paid for were the groceries and the cable bill and that was in my name also. She gave me the money and I wrote the check. There was nothing to do with this house ever in her name. >>>>>>
I really don't think you are getting it. Try to follow.
You were MARRIED. That means YOU BOTH paid the taxes. You were married, that means you both paid the utilities, upkeep etc. Even if she was a stay-at-home, when you are married that is how it works. Ask any of the wives on here who never worked a day in their marriage. Guess what? They get HALF! When you are married there is no "I paid for this and she paid for that"... You both paid it as a couple no matter who actually put out the cash.
Now that we have that out of the way. The ONLY things that aren't half hers are those things that you had BEFORE the marriage, such as the amount you paid for the house originally. She is entitled to half of EVERY other item in your home, regardless of who wrote the check, if it was bought during the marriage.
I am not making this up. It's law in most states. Sometimes women get even more than half- be glad you didn't have any kids.
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Samsung
Platinum
Reged: 06/14/07
Posts: 2019
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I am not making this up. It's law in most states. Sometimes women get even more than half- be glad you didn't have any kids.
This is true in most states, except it goes both ways. There are many woman out there who are the primary breadwinners that end up in the same situation. And with over 60% of the university population being female, and more woman then men buying houses in the US in the last couple years, it will continue to grow.
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MommaMia
Platinum
Reged: 02/17/07
Posts: 376
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[quote]I am not really sure what you mean here. The only marital property is the appliances I listed. Because I own the house outright this could mean I may have to give her other items that she would call marital property? Even all the furniture was purchased by me or gifts from my family. When she moved in with me all she had was a duffel bag of her clothes that's it. And are you also saying because I own the house this may mean I may have to pay her support? Even though she makes more money than I do? Thanks for your help. [/quote]
No, you won't have to pay her support. You may have to give her half of the equity, or a portion of it, like I said before.
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