settlement calculations

[Hankster]

What is the name of your state? Virginia

My wife and me were married 4.5 years; The main issues are the equity in the home, claims on retirement accounts, and the division of personal property. Are there reference sources that explain the formulas/approach for determining the equitable distributions of the home equity and the retirement accounts?

[LdiJ]

Originally Posted by Hankster

What is the name of your state? Virginia

My wife and me were married 4.5 years; The main issues are the equity in the home, claims on retirement accounts, and the division of personal property. Are there reference sources that explain the formulas/approach for determining the equitable distributions of the home equity and the retirement accounts?

Generally its 50/50 on the equity that accrued during the marriage. If you bought the home during the marriage then its 50/50 on the entire equity. The same applies for the retirement accounts. You come up with the information regarding what the accounts were worth when you married, subtract that from what they are worth today, and divide the remainder 50/50.

[Bali Hai]

Originally Posted by Hankster

What is the name of your state? Virginia

My wife and me were married 4.5 years; The main issues are the equity in the home, claims on retirement accounts, and the division of personal property. Are there reference sources that explain the formulas/approach for determining the equitable distributions of the home equity and the retirement accounts?

This is done by the court and it doesn't necessarily mean a 50/50 split.

Example: Read about the recent building blown up in Manhattan.

[latie]

From what I've been studying on the subject, a pension, if put on the table, can be split but only the amount accumulated in it during the time of the marriage. Also, that factor is also determined by how much each partner contributed to the marriage as a whole in either assets or services. Equitable does not necessarily mean equal.

[Bali Hai]

Originally Posted by latie

From what I've been studying on the subject, a pension, if put on the table, can be split but only the amount accumulated in it during the time of the marriage. Also, that factor is also determined by how much each partner contributed to the marriage as a whole in either assets or services. Equitable does not necessarily mean equal.

Thank you for that information. Now you know why it is important to have competent representation.