Divorce

[mmurphybagm]

How is it decided for the house, cars etc. to be devided? We've been married 16 years and I'm not quite sure how all of this works.

 

[mistoffolees]

How is it decided for the house, cars etc. to be devided? We've been married 16 years and I'm not quite sure how all of this works.

What state are you in? The rules vary by state.

Do a google search enter 'property division divorce' (without the quotes) and the name of your state and you'll probably find the answer. If not, post the name of your state here.

In most states, you'll each get about 1/2 of marital equity (the value of assets accumulated during the marriage) unless there's a reason to change it.

 

[nextwife]

If you wish to keep the house, expect to need to "buy out" the co owner and get them off the mortgage. Which requires qualifying for a mortgage on your own.

Are any of these premarital assets? Owned with other parties? Inheritance? Trust owned? That can make a difference as well.