property division in divorce

[aaa123]

What is the name of your state (only U.S. law)? MO

looks like finally it's going to happen.
we both have incoms around $40k/year each. no joint accounts. she has around $5k balance on credit cards. two cars - one (my name on title only) estimated at around $8k, another (her name on title only) was bought not long time ago for $18k with $4k down, loan on her name. we bought a condo around 5 years ago, just before the market crashed. both names on title. mortgage loan for $151k on my name only, right now the balance is $132k, but market value is probably $120k only (if not less).
I paid for mortgage, condo fee, health insurance,... basically, she paid only electricity bill. and her cell phone.
Also we have 8 yo son.

if not to mention division of tv's, furniture, etc,
1. what should I expect from divorce? what is "mine" and what is "her"?
2. if I want to stay in this house?
3. if no one want the house (and if we will sell it for $120k or even less, and there is realtor fee..)?
4. I have $5k on saving account, and honestly don't want to give a single $ to her; what if I'll make a (college) saving account on my son's name as a gift to his birthday? or it wouldn't really help?

thanks in advanceWhat is the name of your state (only U.S. law)?

 

[mistoffolees]

What is the name of your state (only U.S. law)? MO

looks like finally it's going to happen.
we both have incoms around $40k/year each. no joint accounts. she has around $5k balance on credit cards. two cars - one (my name on title only) estimated at around $8k, another (her name on title only) was bought not long time ago for $18k with $4k down, loan on her name. we bought a condo around 5 years ago, just before the market crashed. both names on title. mortgage loan for $151k on my name only, right now the balance is $132k, but market value is probably $120k only (if not less).
I paid for mortgage, condo fee, health insurance,... basically, she paid only electricity bill. and her cell phone.
Also we have 8 yo son.

if not to mention division of tv's, furniture, etc,
1. what should I expect from divorce? what is "mine" and what is "her"?
2. if I want to stay in this house?
3. if no one want the house (and if we will sell it for $120k or even less, and there is realtor fee..)?
4. I have $5k on saving account, and honestly don't want to give a single $ to her; what if I'll make a (college) saving account on my son's name as a gift to his birthday? or it wouldn't really help?

thanks in advanceWhat is the name of your state (only U.S. law)?

Divorce Support - Missouri Property Division Factors

Basically, anything you purchased during your marriage is both of yours. In general, it will be divided equally. Exceptions:

Home. If you want to stay in the house, you have to pay her for 1/2 of the equity. If she agrees that there's no equity, you can get her to sign a quit claim deed (which she shouldn't do until you refinance - which isn't likely).

Whoever takes a car with a loan also gets the loan on that car.

Cash accounts will be split (or used to offset other assets). If you remove that money from the account AFTER filing for divorce, you will be in contempt of court. If you remove the money from the account first and then file for divorce, you can be asked to reimburse her for 1/2. It's marital money (unless you got it from an inheritance), so she's entitled to 1/2.

You're just starting the process, so I'd suggest that you take some time to cool off and read a bunch of posts here to see what happens when two people enter into divorce with the objective to punish the other person. I guarantee, no one wins that kind of battle. And with an 8 year old son who you will be co-parenting, I know who's going to lose. Please step back from the vindictiveness and think about your kid.

 

[ecmst12]

#4 would be dissipation of marital assets, bad idea. You might have to give her some of that money, and you might not. You should talk with a lawyer.

 

[aaa123]

Divorce Support - Missouri Property Division Factors

thanks for the link; although everything makes sense, it doesn't really help without a lawyer

Basically, anything you purchased during your marriage is both of yours. In general, it will be divided equally. Exceptions:

here is another question. there was a period when we lived separate for a 1.5 years but didn't start divorce process... (what I hoped for?) Is anything purchased during that period still counts as Marital Property ?

Home. If you want to stay in the house, you have to pay her for 1/2 of the equity. If she agrees that there's no equity, you can get her to sign a quit claim deed (which she shouldn't do until you refinance - which isn't likely).

loan is in my name only - should I refinance anyway?
so, if there is 'negative equity' (which I confirm by calling appraisal, right?), and I want to stay in the house, she doesn't owe anything to me, as well as I to her, correct?

Whoever takes a car with a loan also gets the loan on that car.

right. but how (equity in) cars will be divided in this case?
a) if she'll agree to take car with loan
b) what if no one wants a car with loan (I can't pay car loan and mortgage)

Cash accounts will be split (or used to offset other assets). If you remove that money from the account AFTER filing for divorce, you will be in contempt of court. If you remove the money from the account first and then file for divorce, you can be asked to reimburse her for 1/2. It's marital money (unless you got it from an inheritance), so she's entitled to 1/2.

I accumulated these money during the period when we lived separate (for 1.5 years), then we got back together, I have forgiven everything, we decided to buy a house, and I put them on saving account 'just in case' - doesn't matter ?

You're just starting the process, so I'd suggest that you take some time to cool off and read a bunch of posts here to see what happens when two people enter into divorce with the objective to punish the other person. I guarantee, no one wins that kind of battle. And with an 8 year old son who you will be co-parenting, I know who's going to lose. Please step back from the vindictiveness and think about your kid.

thanks for advice! but that's not me who needs to cool off, I'm ready to divide everything EQUALLY, In spite of the fact that I paid for everything in the house, but she has her own sight on what is supposed to be hers, and I'm afraid the fight will be till the last teaspoon...

 

[OHRoadwarrior]

She quit claims the condo. She keeps her car. You keep your car. You pay the CC debt.

132k-120k = $12k debt + $5k card debt- $8k car asset=$9k eff. debt to you

$18k-$4k= $14k debt to her. She gets choice of $5k furniture fixtures. You divvy the rest. 14k-$5k=$9k eff. debt to her.

$5k cash omitted because it was yours from separation.

 

[ecmst12]

Incorrect. It doesn't matter if you lived together or separate. If no divorce or legal separation was filed, then you were married and anything that either of you accumulated is marital.

 

[mistoffolees]

thanks for the link; although everything makes sense, it doesn't really help without a lawyer



here is another question. there was a period when we lived separate for a 1.5 years but didn't start divorce process... (what I hoped for?) Is anything purchased during that period still counts as Marital Property ?



loan is in my name only - should I refinance anyway?
so, if there is 'negative equity' (which I confirm by calling appraisal, right?), and I want to stay in the house, she doesn't owe anything to me, as well as I to her, correct?



right. but how (equity in) cars will be divided in this case?
a) if she'll agree to take car with loan
b) what if no one wants a car with loan (I can't pay car loan and mortgage)



I accumulated these money during the period when we lived separate (for 1.5 years), then we got back together, I have forgiven everything, we decided to buy a house, and I put them on saving account 'just in case' - doesn't matter ?



thanks for advice! but that's not me who needs to cool off, I'm ready to divide everything EQUALLY, In spite of the fact that I paid for everything in the house, but she has her own sight on what is supposed to be hers, and I'm afraid the fight will be till the last teaspoon...

Anything accumulated when you were married is marital property. It doesn't matter whether you were living together or living on opposite ends of the planet.

There's no need for you to refinance the home if it's already in your name. Just have her quit claim the home to you.

Since you're taking a home with negative equity, you COULD argue that she should give up her share of the savings account in lieu of paying down the debt, but don't count on it.

Bottom line is that your first post sounded like you were going to fight to keep her from getting anything - even to the point of transferring money to someone else to keep her from getting half. That's a bad move. You don't have any assets to speak of, so you're in real danger of spending far more on legal fees than the value of what you're fighting over.

 

[LdiJ]

She quit claims the condo. She keeps her car. You keep your car. You pay the CC debt.

132k-120k = $12k debt + $5k card debt- $8k car asset=$9k eff. debt to you

$18k-$4k= $14k debt to her. She gets choice of $5k furniture fixtures. You divvy the rest. 14k-$5k=$9k eff. debt to her.

$5k cash omitted because it was yours from separation.

She also would not be responsible for any of the debt/negative equity on the condo...it doesn't matter that its upside down, just like he wouldn't be responsible for any of the debt on her car. You keep an asset, you get the debt that goes with it.

So...it goes like this...condo to him (since the mortgage is in her name only, no problem) she quit claims her share.

If there is any equity in her car (unlikely) it goes into the asset pot.

His car is paid off, so it goes into the asset pot.

The savings account goes into the asset pot.

Any retirement accounts go into the asset pot.

Assuming that all of the about accrued during the marriage.

Household furnishings get split in half.

Debt (credit cards etc.) get split in half.