MiseryInNJ
Member
What exactly should I expect as a result of "equitable distribution of assets"?
What is the name of your state? ---- New Jersey
Well, it's kind of looking more and more like the wife and I will be splitting.
However, I'll have to admit that I'm a bit uneasy about the financial implications, because I don't fully understand them.
Basically, when we had gotten married, I had a pile of money I'd just gotten from selling my previous home, but no job (a problem since rectified). She had a pile of debt, but the steady income.
We got married and bought a house. I paid basically a down payment of 50% of the price of the house, call it $X. I also paid off her debts (except the student loans, which she wanted to keep separate). She was, more or less, covering all our expenses for about a year, maybe a year and a half. By my best calculations, half of our expenses comes to a little less than what I paid off for her debts - maybe she would owe me a little if it came down to it, but relatively speaking, its not that significant.
Last year, we sold the house for $Y, and bought another house.
We also have money saved in the bank, as well as a mortgage on the current house.
We've been married for 4 years. There is no pre-nuptial agreement.
So, assuming we avoid going to lawyers and such, and just go to a mediator - how would NJ law say "equitable distribution" splits things? Primarily I'm concerned with the big chunk I'd originally brought in, since that was pre-marriage assets. The only real thing I know is that who brought what into the marriage "is taken into consideration" but I don't know how to even start guessing how to calculate.
I thought it would be that I get the $X I put in off the top (or percentage of the sale of the first house? I'm kinda confused about that), then the rest would be split, to account for what I had pre-marriage... but I really don't know if it works that way, if some formula is involved, or really have any idea how it would be calculated.
I assume, also, that any consideration of alimony/child-support is entirely separate from this, but is such an assumption correct?
Can anyone give me guidance?
What is the name of your state? ---- New Jersey
Well, it's kind of looking more and more like the wife and I will be splitting.
However, I'll have to admit that I'm a bit uneasy about the financial implications, because I don't fully understand them.
Basically, when we had gotten married, I had a pile of money I'd just gotten from selling my previous home, but no job (a problem since rectified). She had a pile of debt, but the steady income.
We got married and bought a house. I paid basically a down payment of 50% of the price of the house, call it $X. I also paid off her debts (except the student loans, which she wanted to keep separate). She was, more or less, covering all our expenses for about a year, maybe a year and a half. By my best calculations, half of our expenses comes to a little less than what I paid off for her debts - maybe she would owe me a little if it came down to it, but relatively speaking, its not that significant.
Last year, we sold the house for $Y, and bought another house.
We also have money saved in the bank, as well as a mortgage on the current house.
We've been married for 4 years. There is no pre-nuptial agreement.
So, assuming we avoid going to lawyers and such, and just go to a mediator - how would NJ law say "equitable distribution" splits things? Primarily I'm concerned with the big chunk I'd originally brought in, since that was pre-marriage assets. The only real thing I know is that who brought what into the marriage "is taken into consideration" but I don't know how to even start guessing how to calculate.
I thought it would be that I get the $X I put in off the top (or percentage of the sale of the first house? I'm kinda confused about that), then the rest would be split, to account for what I had pre-marriage... but I really don't know if it works that way, if some formula is involved, or really have any idea how it would be calculated.
I assume, also, that any consideration of alimony/child-support is entirely separate from this, but is such an assumption correct?
Can anyone give me guidance?