What is the name of your state (only U.S. law)? RI
Hi i have few queastions.
Namely does she have any rights to my house or any other pre merital assets.
RI law clearly sparates the non-merital from marital assets.
I bought the house as a 50/50 coowner with my sister in jan 2001.
Met my wife in 2005, and married her in june 2006. Market value was upwards of 400K, in june 2006 but value for tax purposes was 170k.
We are in the midst of the divorce preceedings, and every time I disagree with my lawyer he uses the house issue to scare me into agreeing to what he says. He used it to speed up the child support guidline and get me to pay more then I should based on my current income, Also used it to try to get me to pay an extra month of prorated child support. I told him that I am not paying her anything directly for which he was very surprised, I also told him that once the mechanism is in place I will go to the family court clerk and pay, and get my recipt. He said i was right to do that, and is working on the forms. We are still waiting for her to produce the childs SSN in order to complete the child support forms.
Back to the house.
I just tried to get a new equaty line of credit, but lawyer advised not to until divorce is final. Current market value is 340K. Tax purposes is 304k.
Can my wife's lawyer poke around and try to come up with something that I have to pay her.
House lost market value since 2006. We lived in it on and off (12 months on and 12 months off)during our marriage. She moved out to her grandmothers in october 2008
Can her lawyer try to claim we should determine marital assets based on value of the house for tax purposes instead of fair market value?
Also I was paying the mortgage Primary + Interest but out of a checking account which was mine since 1999. Then in Spetember 2007 I added my wife to the account. Also my wife worked a total of 4 months part time while we were married and contributed a total of 1600$ in paychecks to our checking account out of which I was paying the mortgage. I had a 70k salary, also about 30k part time rental income. All of which i was contributing to the same chacking account.
I also had 30k in my own savings from which i was taking the money to pay stuff including the mortgage after I was layed off at the end of 2006. At present we are 2 months into proceedings, I have 0 in my savings. I had rental income the entire time, but i have no other income at the moment. lawyer is telling me that this looks bad and that I should get a full time job. I am trying but the economy is not the greatest. Have documented 18 resumes sent out in 2 months and 3 intreviews conducted. No offers yet.
Divorce is on a contested track, pretty heated negotiations with lawyers. Pretty ridiculous sometimes. For instance I have to file a motion to get a copy of my sons birth certifficate, even though joint custody order was entered on nov 13th. We don't communicate at all. She refuses to answer any of my questions.
Another question, I have a Home equity line of credit which was at 0, when we married and is at 8k now. I used it to imrove the house during our marriage. I also used 2k out of it to pay for my wifes tuition for night school. Can this be factored into marital assets and debts.
My sister is a 50/50 co-owner but doesn't live in the house, yet still uses it as the primary residence(filing taxes, and getting her mail). So legaly she resids here but physically she doesn't.
I pay 890 P+I 3 years into refinanced 137K mortgage. Did it before marriage.
My sister does not pay any house bills, like tax water sewer or mortgage, and in fact is not even on the mortgage. When i refinanced, the bank didn't need a cosigner and never took her information. She is on the deed as a 50/50 co-owner. My sister and I are very close and she is willing to do anything to help out with the situation. Namely block the order for sale of the house, and anything simmilar if need be, transfer the deed to me or me transfering the deed to her after the divorce incase my ex decides to be crafty.
Hi i have few queastions.
Namely does she have any rights to my house or any other pre merital assets.
RI law clearly sparates the non-merital from marital assets.
I bought the house as a 50/50 coowner with my sister in jan 2001.
Met my wife in 2005, and married her in june 2006. Market value was upwards of 400K, in june 2006 but value for tax purposes was 170k.
We are in the midst of the divorce preceedings, and every time I disagree with my lawyer he uses the house issue to scare me into agreeing to what he says. He used it to speed up the child support guidline and get me to pay more then I should based on my current income, Also used it to try to get me to pay an extra month of prorated child support. I told him that I am not paying her anything directly for which he was very surprised, I also told him that once the mechanism is in place I will go to the family court clerk and pay, and get my recipt. He said i was right to do that, and is working on the forms. We are still waiting for her to produce the childs SSN in order to complete the child support forms.
Back to the house.
I just tried to get a new equaty line of credit, but lawyer advised not to until divorce is final. Current market value is 340K. Tax purposes is 304k.
Can my wife's lawyer poke around and try to come up with something that I have to pay her.
House lost market value since 2006. We lived in it on and off (12 months on and 12 months off)during our marriage. She moved out to her grandmothers in october 2008
Can her lawyer try to claim we should determine marital assets based on value of the house for tax purposes instead of fair market value?
Also I was paying the mortgage Primary + Interest but out of a checking account which was mine since 1999. Then in Spetember 2007 I added my wife to the account. Also my wife worked a total of 4 months part time while we were married and contributed a total of 1600$ in paychecks to our checking account out of which I was paying the mortgage. I had a 70k salary, also about 30k part time rental income. All of which i was contributing to the same chacking account.
I also had 30k in my own savings from which i was taking the money to pay stuff including the mortgage after I was layed off at the end of 2006. At present we are 2 months into proceedings, I have 0 in my savings. I had rental income the entire time, but i have no other income at the moment. lawyer is telling me that this looks bad and that I should get a full time job. I am trying but the economy is not the greatest. Have documented 18 resumes sent out in 2 months and 3 intreviews conducted. No offers yet.
Divorce is on a contested track, pretty heated negotiations with lawyers. Pretty ridiculous sometimes. For instance I have to file a motion to get a copy of my sons birth certifficate, even though joint custody order was entered on nov 13th. We don't communicate at all. She refuses to answer any of my questions.
Another question, I have a Home equity line of credit which was at 0, when we married and is at 8k now. I used it to imrove the house during our marriage. I also used 2k out of it to pay for my wifes tuition for night school. Can this be factored into marital assets and debts.
My sister is a 50/50 co-owner but doesn't live in the house, yet still uses it as the primary residence(filing taxes, and getting her mail). So legaly she resids here but physically she doesn't.
I pay 890 P+I 3 years into refinanced 137K mortgage. Did it before marriage.
My sister does not pay any house bills, like tax water sewer or mortgage, and in fact is not even on the mortgage. When i refinanced, the bank didn't need a cosigner and never took her information. She is on the deed as a 50/50 co-owner. My sister and I are very close and she is willing to do anything to help out with the situation. Namely block the order for sale of the house, and anything simmilar if need be, transfer the deed to me or me transfering the deed to her after the divorce incase my ex decides to be crafty.
