Some guidence needed

[Teri25]

What is the name of your state? RI

Husband and i have been married 10 yrs, we purchased a home in June of 2004 ( both are names are on the title). Husband used his 100k inheritance money as downpayment on the home, which he received in May 2004. I want to divorce but I am not sure if the home is considered a marital asset and if it is, does he have a legal right to claim the 100k back? I have 2 children ages 18 and 22 ( they are not his kids ).

Also, we took out a home equity loan for 20k, we used 8k of it to pay off my credit cards, he put the remaining money in his checking account which my name is not on. The remaining amount is 12k. Am i entitled to a portion of that money being i had signed the paperwork for the loan? Can i get spousal support, i make 22k a yr and he makes 63k a yr and will be making more soon being he has gotten promoted. he will be making 70-75k a yr. We split the mortgage payment which is 1016.00 a month and we both pay for the property taxes from our tax return which he puts in his savings acct again, my name is not on the account. We have purchased 3 cars during our marriage, his name is on all the cars we have and he makes the payment on 1 of them which is mine. What am i entitled to in all this? i am not asking for more or less, just what i am entitled to .What is the name of your state?

 

[LdiJ]

What is the name of your state? RI

Husband and i have been married 10 yrs, we purchased a home in June of 2004 ( both are names are on the title). Husband used his 100k inheritance money as downpayment on the home, which he received in May 2004. I want to divorce but I am not sure if the home is considered a marital asset and if it is, does he have a legal right to claim the 100k back? I have 2 children ages 18 and 22 ( they are not his kids ).

Also, we took out a home equity loan for 20k, we used 8k of it to pay off my credit cards, he put the remaining money in his checking account which my name is not on. The remaining amount is 12k. Am i entitled to a portion of that money being i had signed the paperwork for the loan? Can i get spousal support, i make 22k a yr and he makes 63k a yr and will be making more soon being he has gotten promoted. he will be making 70-75k a yr. We split the mortgage payment which is 1016.00 a month and we both pay for the property taxes from our tax return which he puts in his savings acct again, my name is not on the account. We have purchased 3 cars during our marriage, his name is on all the cars we have and he makes the payment on 1 of them which is mine. What am i entitled to in all this? i am not asking for more or less, just what i am entitled to .What is the name of your state?

The home is marital property, as is the 12k that remains from the equity loan (assuming that he still has it). Whether or not you might be able to get alimony depends on a whole host of factors.

Consult a local attorney...this won't be a DYI project.

 

[Teri25]

I cant afford a attorney i dont make enough to afford one right now. Attorneys want money up front before you walk in the door and i cant afford that. I make 22k a yr.

I just dont know what my entitlements are in all this. and yes, he still has the money in his account, i know because he has cover 12k in his account now. ok, i know the house is considered marital property and the cars, and the home equity money. my main question is.. does he have a legal right to the 100k he put on the house.
The house is worth 240k, we paid 210k, we owe 187k on it so there isnt alot of equity left.

 

[LdiJ]

I cant afford a attorney i dont make enough to afford one right now. Attorneys want money up front before you walk in the door and i cant afford that. I make 22k a yr.

I just dont know what my entitlements are in all this. and yes, he still has the money in his account, i know because he has cover 12k in his account now. ok, i know the house is considered marital property and the cars, and the home equity money. my main question is.. does he have a legal right to the 100k he put on the house.
The house is worth 240k, we paid 210k, we owe 187k on it so there isnt alot of equity left.

Hon, you have no choice but to get an attorney. You are going to have to beg or borrow the money from somewhere. You can always repay whoever gives you the money after you get your property settlement.

No, he doesn't have the legal right to the 100k he put down on the house. He lost that right as soon as your name was on the deed.

If you paid 210k for the house, with a 100k down payment, and refinanced out 20k, then where in the heck did the rest of the equity go? How in the world could you owe 187k on the house now?

Your original mortgage, if you rolled back in closing costs should have been no more than 130k at the most....and that is seriously pushing it. You have been paying down equity over 10 years, so your 20k refinance shouldn't have put you much over that level, even again with closing costs....so how in the heck did you get to a point where the principal balance is 187K???

 

[Bali Hai]

Hon, you have no choice but to get an attorney. You are going to have to beg or borrow the money from somewhere. You can always repay whoever gives you the money after you get your property settlement.

No, he doesn't have the legal right to the 100k he put down on the house. He lost that right as soon as your name was on the deed.

If you paid 210k for the house, with a 100k down payment, and refinanced out 20k, then where in the heck did the rest of the equity go? How in the world could you owe 187k on the house now?

Your original mortgage, if you rolled back in closing costs should have been no more than 130k at the most....and that is seriously pushing it. You have been paying down equity over 10 years, so your 20k refinance shouldn't have put you much over that level, even again with closing costs....so how in the heck did you get to a point where the principal balance is 187K???

In addition to the wife beating him out of his inheritance, he'll most likey be ordered to pay the gold digger alimony on top of that.

 

[Teri25]

I am not a golddigger nor and I trying to cheat him out of his inheritance in any way. I just wanted to know where i stand legally. Throughout our 10 yrs of marriage i have always paid for the rent, food and medical and dental coverage for him as well as my children and myself and for other things such as vacations and carpayments so i am not a golddigger.

As for the question above.. we had taken out a home equity line of credit back in 2004 so he could have a garage built on the property that cost roughtly 40k, then we rolled that into the mortgage which left us with 150k on the mortgage, the we took out a home equity line of credit in the amt of 20k, that leaves us with a mortgage of 170k. ( sorry i was off on my numbers before ) now we have 2 mortages we are paying on.. the original and the home equity loan. The equity in the house is about 70k.

As for the cars, am i entitled to any of them being they were "acquired" durning the marriage? i have a run down car while he drives a 99 vette. oh by the way his 85 yr old mom pays for that at 200.00 a month!!

 

[ohiostate]

Legally speaking, you are entitled to half of the 100k down payment. But, don't you think your husband should get more than that from ethical standpoint. It was his money to start with. (I don't agree with the law on this point. I think it should be like what is done marital vs. non-marital IRA accounts/monies.)

 

[Ohiogal]

Legally speaking, you are entitled to half of the 100k down payment. But, don't you think your husband should get more than that from ethical standpoint. It was his money to start with. (I don't agree with the law on this point. I think it should be like what is done marital vs. non-marital IRA accounts/monies.)

Please be quiet because you are wrong. She would be entitled to half the equity in the house.

 

[ohiostate]

Yes Ohiogal is correct. I mis-spoke. I meant the legally speaking it does not matter who or where the initial down payment came from. All that matters, it what equity is in the house. Each spouse is entitled to half of that. Does not seem fair to me?

 

[Ohiogal]

Yes Ohiogal is correct. I mis-spoke. I meant the legally speaking it does not matter who or where the initial down payment came from. All that matters, it what equity is in the house. Each spouse is entitled to half of that. Does not seem fair to me?

Actually no you are wrong again. Sometimes through tracing that money can be awarded back to those that contribute. It depends on what state and whether or not case law has changed that (it has in Ohio according to the last CLE I attended). And the equity matters only if the house is to be kept by one party or the other. If the house is sold then the proceeds are normally divided. And proceeds do not always equal equity.

 

[ohiostate]

Sorry! I stand corrected again. A little information is bad thing something, but ************** I did learn something.

 

[Teri25]

All i want to know is.. if we get divorced can he legally claim back the 100k he put down, we were married at the time and still are. Or am i entitled to 1/2 of the value of the house ?
we purchased the house as a married couple so i would think that would make it a marital asset.

 

[Ohiogal]

All i want to know is.. if we get divorced can he legally claim back the 100k he put down, we were married at the time and still are. Or am i entitled to 1/2 of the value of the house ?
we purchased the house as a married couple so i would think that would make it a marital asset.

What part of NO are you having problems with -- you are not entitled to half the value of the house. You are entitled to HALF either the EQUITY in the house if one of you is keeping the house OR half the proceeds from the house if the house is to be sold.
The amount of equity is 53k. You would be entitled to approximately 53/2 or 26.5k.

 

[LdiJ]

All i want to know is.. if we get divorced can he legally claim back the 100k he put down, we were married at the time and still are. Or am i entitled to 1/2 of the value of the house ?
we purchased the house as a married couple so i would think that would make it a marital asset.

Ohiogal gave you the correct answer but I am going to rephrase it just to make sure that you understand.

1) He is NOT entitled to get back the 100k he put down from his inheritance.

2) The value of the house is 240k. Since you have a 170k mortgage, obviously you are not entitled to half of the value of the house. You are entitled to half of the equity in the house, or 1/2 of the difference between the value and the mortgage. If its sold, then you would be entitled to 1/2 of the proceeds at closing.

 

[Teri25]

why am i not entitled to 1/2 the value of the home being my name is on the title as well as his. I would think he would have to buy my 1/2 out being i am 1/2 owner.