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PROPERTY seperation

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annachen

Junior Member
What is the name of your state (only U.S. law)?
NY

I brought my old house,178k, on July 2003 with 85k down payment and closing cost. on March 2005 I married my husband He sold his house & put 50k into my house. On June 2010, I sold my old house with 213k and brought the new house (I am the sole owner) 450k. We are in separation now. How should we split the property? How will he split my pension plan(I work for NY State Gov.) and 403b(34k) during 5 years of our marriage?

Appreciate your help!What is the name of your state (only U.S. law)?
 


mistoffolees

Senior Member
New York is an equitable distribution state. That means the court can do whatever is fair.

The starting point for everything would be 50:50 division of any marital equity. That is, the equity in the item at the time of divorce minus equity at the time of marriage gets split. The retirement accounts may have special rules, so check with the plan administrator.

However, the fact that he put a large amount of cash into your home might allow him to convince the judge that he should receive his $50 K back plus 1/2 of any additional increase in equity during the marriage. It's going to depend on the judge.

In any event, the least expensive solution - and probably the one that you'll both be happiest with - is to sit down with him and work out a property division agreement and then submit it to the court for approval. If you can't do that by yourselves, consider hiring a mediator to help.
 

Ohiogal

Queen Bee
What is the name of your state (only U.S. law)?
NY

I brought my old house,178k, on July 2003 with 85k down payment and closing cost. on March 2005 I married my husband He sold his house & put 50k into my house. On June 2010, I sold my old house with 213k and brought the new house (I am the sole owner) 450k. We are in separation now. How should we split the property? How will he split my pension plan(I work for NY State Gov.) and 403b(34k) during 5 years of our marriage?

Appreciate your help!What is the name of your state (only U.S. law)?
He put 50k into the old house and during the marriage you bought the new house. A portion of the old house was marital property. The new house is marital property because it was bought during the marriage. Your husband is entitled to 50% of the equity in the house you purchased in June 2010.

The pension and 403b are split with 50% of the marital portion being your husband's.
 

LdiJ

Senior Member
What is the name of your state (only U.S. law)?
NY

I brought my old house,178k, on July 2003 with 85k down payment and closing cost. on March 2005 I married my husband He sold his house & put 50k into my house. On June 2010, I sold my old house with 213k and brought the new house (I am the sole owner) 450k. We are in separation now. How should we split the property? How will he split my pension plan(I work for NY State Gov.) and 403b(34k) during 5 years of our marriage?

Appreciate your help!What is the name of your state (only U.S. law)?
Did I understand correctly that you sold your old house for 213k?

1/2 of whatever vested in your pension plan during the marriage would be on his side of the table, as well as 1/2 of whatever you contributed to your 403b during the marriage (and you would also be entitled to 1/2 of whatever retirement plan he has that accrued during the marriage).

The house is more complicated. He is definitely entitled to something because your old house probably would not have sold for what it did if he had not put 50k into it, plus any equity gained during the marriage would have been marital property as well...same for the new house. Unless, of course, you gave him his 50k back when you sold the old house. Obviously the new house has not gained any equity since June, or so little that it doesn't matter. Therefore, you are really going to be basing things on the old house.
 

LdiJ

Senior Member
The new house is almost half paid for, so there will be LOTS of equity.
How do you figure half paid for? She put 85k down on a 178k mortgage. That left a 92k mortgage. He added 50k in improvements. With selling expenses etc., They might have walked away from the closing table with 130-140k. That's less than a third equity.

Plus a good chunk of the equity is separate property. She probably had at least 90k in equity when they got married in 2005.

I think that they will end up settling that he gets his 50k back.
 

Dave1952

Senior Member
He added 50k in improvements.

That's not my understanding of the $50K. He sold his house to generate the $50K. I thought the OP received this as a lump sum and applied it toward the mortgage. I do not see any "improvements" being done.

Good luck
 

LdiJ

Senior Member
He added 50k in improvements.

That's not my understanding of the $50K. He sold his house to generate the $50K. I thought the OP received this as a lump sum and applied it toward the mortgage. I do not see any "improvements" being done.

Good luck
Ok, I will admit that what was stated was that he put 50k into the house. However, what are the odds that the OP would state that he put 50k into the home and that would mean that he gave her a 50k lump sum to pay down the mortgage?:rolleyes: vs the odds that he put 50k into improvements?
 

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