Pre Marital Property

[anthony33]

What is the name of your state? New Jersey

Hi all,

Me and my wife are getting a divorce. We have been married for three years and have no children together. Before we were married we were living together for four years. 3 years before marriage I purchased a house (mortgage and deed on my name only) and rented it out. Since then iy has been rented out and paid itself basically. Is she entitled to any equity in this house?
Two years before marriage SHE bough a property as well. (Her name on the mortgage and deed) - we currently live in this property. Am I entitled to any of the equity in this property?

One year before marriage - I purchased another (huge) investment property. My business (I am the owner) is operating out of this property and I rent out the rest (it is both residential and commercial). Finally: Is SHE entitled to a part of this property or not?

Thank you for any replies.

 

[LdiJ]

What is the name of your state? New Jersey

Hi all,

Me and my wife are getting a divorce. We have been married for three years and have no children together. Before we were married we were living together for four years. 3 years before marriage I purchased a house (mortgage and deed on my name only) and rented it out. Since then iy has been rented out and paid itself basically. Is she entitled to any equity in this house?
Two years before marriage SHE bough a property as well. (Her name on the mortgage and deed) - we currently live in this property. Am I entitled to any of the equity in this property?

One year before marriage - I purchased another (huge) investment property. My business (I am the owner) is operating out of this property and I rent out the rest (it is both residential and commercial). Finally: Is SHE entitled to a part of this property or not?

Thank you for any replies.

You really NEED an attorney. There is simply too much property involved to be trying to handle this on a DIY basis.

 

[Ohiogal]

What is the name of your state? New Jersey

Hi all,

Me and my wife are getting a divorce. We have been married for three years and have no children together. Before we were married we were living together for four years. 3 years before marriage I purchased a house (mortgage and deed on my name only) and rented it out. Since then iy has been rented out and paid itself basically. Is she entitled to any equity in this house?

How has the mortgage on said house been paid during the marriage? If from the rent of the property then that is marital income. If from other income earned during the marriage, she is entitled to a portion of the equity -- that which accrued during the marriage.

Two years before marriage SHE bough a property as well. (Her name on the mortgage and deed) - we currently live in this property. Am I entitled to any of the equity in this property?

Same as above. how has she paid the mortgage.

One year before marriage - I purchased another (huge) investment property. My business (I am the owner) is operating out of this property and I rent out the rest (it is both residential and commercial). Finally: Is SHE entitled to a part of this property or not?

Thank you for any replies

You own the business? She is entitled to a portion of the business. As well as a portion of the property most likely. Depends on how that property is titled.

 

[anthony33]

I know I need an attorney.

We havent even started divorce yet, we were only talking about it. I just want to know where I am standing at before going to an attorney.

On the house #1 (title is held "Solely" in my name) the mortgage was paid out of the rent income. Thus the tenant gave me money in cash/check, I deposited it in my separate account (not shared with her) and issued a check to a mortgage company.

On house #2 (title is held in HER name as "Solely) the mortgage was paid out of her separate checking account. I was giving her cash (50% of the mortgage) every month.

On building#3. The whole mortgage was paid by business. Thus the check came out of the separate business account. She has nothing to do with the business, she is not on any document whatsoever. The business is an LLC.

We tried to keep our finances separate. Or I would say as separate as possible. To my opinion she should not be entitled to any of my property and I should not be entitled to any of hers. She never contributed to any of the costs/repairs of house #1 and building#3. However I helped maintain our marital home financially by giving her half the mortgage every month.

What do you think?

Thank you in advance.

 

[Ohiogal]

I know I need an attorney.

We havent even started divorce yet, we were only talking about it. I just want to know where I am standing at before going to an attorney.

On the house #1 (title is held "Solely" in my name) the mortgage was paid out of the rent income. Thus the tenant gave me money in cash/check, I deposited it in my separate account (not shared with her) and issued a check to a mortgage company.

She could argue that the rent was income and therefore marital property and therefore the equity on the home that accrued during the marriage is half hers.

On house #2 (title is held in HER name as "Solely) the mortgage was paid out of her separate checking account. I was giving her cash (50% of the mortgage) every month.

Marital income paid for her home too> Thus -- marital property. Thus you are entitled to half the equity that accrued during the marriage.

On building#3. The whole mortgage was paid by business. Thus the check came out of the separate business account. She has nothing to do with the business, she is not on any document whatsoever. The business is an LLC.

Doesn't matter really. She can still qualify for a portion of the business because YOU own it.

We tried to keep our finances separate. Or I would say as separate as possible. To my opinion she should not be entitled to any of my property and I should not be entitled to any of hers. She never contributed to any of the costs/repairs of house #1 and building#3. However I helped maintain our marital home financially by giving her half the mortgage every month.

What do you think?

Thank you in advance.

I think you are wrong and greedy. But what do I know. I just practice in family law courts.

 

[LdiJ]

We tried to keep our finances separate. Or I would say as separate as possible. To my opinion she should not be entitled to any of my property and I should not be entitled to any of hers. She never contributed to any of the costs/repairs of house #1 and building#3. However I helped maintain our marital home financially by giving her half the mortgage every month.

What do you think?

Thank you in advance.

Again, you really need an attorney because you don't understand how everything works.

 

[anthony33]

Thanks for responces guys.

About me being greedy and wrong. You DO NOT know the details, and that is why it is too quick to assume, dont you think? I gave this woman everything she ever wanted. She was showered with gifts, I took her out to dinners, I paid for vacations, and much much more. I was taking care of her daughter from previous marriage- both financially and morally. I was there for them 24/7 busting my a$$ at work, when she was just working here and there - part time and spending most of that money on herself and ONLY helping with the house payment. All the bills were paid by me. I feel drained and empty from this woman, there is no appreciation, no matter what and how much I do - it is never enough for her. She always wants more, more and more. I do not mind being a man, and taking care of MY family - which they were - but come on - I would like to see that it is appreciated. That I am supported, just morally, for my hard work. I am working 18 hours a day, and come home to a dirty house and an empty refrigerator - and she is watching TV and doing her nails. Where is that human support that a normal wife would give to her husband? I put 5K in braces for her daughter's mouth, am paying for her private school, her medical insurance, her cloth (just as my wife's), her music lessons etc etc etc.
And after that all - all I GET is ignorance and seeing her being simply, excuse my french, a bit**. She tells me straight that she doesnt love me any more, that I am never home for her (when I am AT WORK trying to provide a decent living for HER). We tried councelling - and all that. She went there once and told me if I want to save the marriage - I should go to the counselling by myself, and she would never go again.
I am not going to let her wipe her feet on me any more. I had it enough.

I called an attorney for a free consultation. I am really tied up with money right now. Business is not doing so well, and I have spent too much lately - all of which on her and her daughter mostly. The attorney said that property bought before marriage is separate unless it was refinanced during the marriage (which is not the case). I am here trying to find out whether or not I should be ready for the battle (which I would love to escape). I have a meeting with this lawyer tomorrow - but he wants 2K retainer upfront. I am just trying to see if he is worth it before retaining him particularly, and that is why asking for YOUR advice.

Thank you very much.

 

[nextwife]

She could argue that the rent was income and therefore marital property and therefore the equity on the home that accrued during the marriage is half hers.

Couldn't HE argue that this "marital income" wouldn't EXIST had he not made this purchase premartitally?

If I put $50,000 into a BANK account, and keep reinvesting the earnings, never adding money earned during the marriage, keeping the premarital account SEPERATE, that account could be argued to be premarital.

Why should real estate that was bought before marriage, maintained by reinvesting the earnings (no different, really, than stocks that reinvest dividends and earnings), be any different than any other investment account where the earnings are left in the account to compound?

I just hate to see real estate be treated as a less desirable investment than any other- doing so creates a dis-incentive to invest in it. IN essence, this approach causes the earnings that "compound" by being reinvested to become marital, but seperate bank accounts that were premarital do not.

 

[Ohiogal]

Couldn't HE argue that this "marital income" wouldn't EXIST had he not made this purchase premartitally?

If I put $50,000 into a BANK account, and keep reinvesting the earnings, never adding money earned during the marriage, keeping the premarital account SEPERATE, that account could be argued to be premarital.

Why should real estate that was bought before marriage, maintained by reinvesting the earnings (no different, really, than stocks that reinvest dividends and earnings), be any different than any other investment account where the earnings are left in the account to compound?

I just hate to see real estate be treated as a less desirable investment than any other- doing so creates a dis-incentive to invest in it. IN essence, this approach causes the earnings that "compound" by being reinvested to become marital, but seperate bank accounts that were premarital do not.

Yep he could argue that. Both sides of the same court.