divorce settlements
I left my husband 10 years ago, after 10 years of marriage, and took our 2 children with me. When I left I knew that I didnt want our house to be sold because we physically built it together. The house had no mortgage. When I left he got a loan and gave me $60,000 which was all he could afford at that time. With the understanding that he would pay me $25,000 at a later date. This would amount to approximately half the value of the home at that time. We are separated not divorced. He has not given me the extra $25,000. My question is if he sells the home at this time, and the home is now worth $450,000 am I entitled to half(minus the $60,000)?Is he entitled to half of my new home that I am still paying for? My home is worth about $250,000? thanks
Re: divorce settlements
I am assuming, since you mention the possibility that your husband might sell the house without you participation, that ten years ago you conveyed your ownership interest to him. Since you are still married, the property is still "marital property," and if you divorce both that property and your new home, to the extent of your equity in it, could be subject to a "monetary award" by the court to one of you. The judge would have to consider a variety of evidence relating to your marriage, your ages, health, other financial considerations including other assets which might be marital property, and makea a decision based on equity (what the judge thinks is fair), and require one of you to pay the other a sum of money to achieve equity (that will not necessarily mean an equal division of assets). It obviously would be simpler and beneficial to both you and your husband if you could reach an agreement outside of the court, but in a thorough and carefully drafted document, to do what seems fair and reasonable or at least acceptable) to both of you.
Re: divorce settlements
I am assuming, since you mention the possibility that your husband might sell the house without you participation, that ten years ago you conveyed your ownership interest to him. Since you are still married, the property is still "marital property," and if you divorce both that property and your new home, to the extent of your equity in it, could be subject to a "monetary award" by the court to one of you. The judge would have to consider a variety of evidence relating to your marriage, your ages, health, other financial considerations including other assets which might be marital property, and makea a decision based on equity (what the judge thinks is fair), and require one of you to pay the other a sum of money to achieve equity (that will not necessarily mean an equal division of assets). It obviously would be simpler and beneficial to both you and your husband if you could reach an agreement outside of the court, but in a thorough and carefully drafted document, to do what seems fair and reasonable or at least acceptable) to both of you.
Re: divorce settlements
I am assuming, since you mention the possibility that your husband might sell the house without you participation, that ten years ago you conveyed your ownership interest to him. Since you are still married, the property is still "marital property," and if you divorce both that property and your new home, to the extent of your equity in it, could be subject to a "monetary award" by the court to one of you. The judge would have to consider a variety of evidence relating to your marriage, your ages, health, other financial considerations including other assets which might be marital property, and makea a decision based on equity (what the judge thinks is fair), and require one of you to pay the other a sum of money to achieve equity (that will not necessarily mean an equal division of assets). It obviously would be simpler and beneficial to both you and your husband if you could reach an agreement outside of the court, but in a thorough and carefully drafted document, to do what seems fair and reasonable or at least acceptable) to both of you.
