little help here!

[smbelle]

What is the name of your state? Wisconsin
My husband & I have been married for 8 years and it's coming to a screeching halt.
The morning we got married he closed on our house 200K down payment (out of his investment account) 200K financed in his name.
My income went to all the bills from grocery to insurance - he paid the house payment, separate checking accounts.
He also contributed to HIS retirement account claiming I didn't need one since it's for both of us.
I realize now how stupid I've been, I should have protected myself like he did.
Moving forward what should I do?
Am I entitled to any of the equity in the house? It's now worth 800K.
I'm not looking to get rich, but I don't want to start from sq 1!

 

[I AM ALWAYS LIABLE]

What is the name of your state? Wisconsin
My husband & I have been married for 8 years and it's coming to a screeching halt.
The morning we got married he closed on our house 200K down payment (out of his investment account) 200K financed in his name.
My income went to all the bills from grocery to insurance - he paid the house payment, separate checking accounts.
He also contributed to HIS retirement account claiming I didn't need one since it's for both of us.
I realize now how stupid I've been, I should have protected myself like he did.
Moving forward what should I do?
Am I entitled to any of the equity in the house? It's now worth 800K.
I'm not looking to get rich, but I don't want to start from sq 1!

My response:

Good news!

You live in a community property State.

Everything, including assets and liabilities, gets divided in half! It doesn't matter that certain assets are only in his name, or only in your name. It all gets divided.

Your half comes from the increased value of the home since your date of marriage; e.g., if the equity is now 300,000.00 after his 200K is subtracted, then you get 150K. Same thing with his retirement account. Then, from each of your shares of the assets, you divide the liabilities in half, and pay off those liabilities in equal shares from each of your shares of the assets. E.g., if there's $9,000 on the credit card, your share is $4,500.00, paid from your share of the assets. Same goes for him.

This is, of course, oversimplified. Your actual situation may differ with an in-person consultation with a local Family Law lawyer.

IAAL

 

[smbelle]

Thanks for the encouragement!
Simplified maybe, but it gives me hope!