Divorce in Iowa with no children question

[Bobpfd843]

Iowa. Good morning. I'm currently questioning getting a divorce from my wife. We have been married since 7/09. I bought a house in Oct of 2010. I have made every payment. The down payment was 100% from me. I have payed for 100% of anything and everything that the home needs. Her name is NOT on the bank loan. What are the chances that I can hang on to my home? She has no chance of keeping the home once a divorce is a final. No pre-nups or contracts. We do have separate banks and banking. Thanks in advance.

 

[Zigner]

A house is an asset that makes it worth talking to an attorney who can advise you based upon a review of all of the facts. Random internet strangers can't do that.

 

[LdiJ]

Iowa. Good morning. I'm currently questioning getting a divorce from my wife. We have been married since 7/09. I bought a house in Oct of 2010. I have made every payment. The down payment was 100% from me. I have payed for 100% of anything and everything that the home needs. Her name is NOT on the bank loan. What are the chances that I can hang on to my home? She has no chance of keeping the home once a divorce is a final. No pre-nups or contracts. We do have separate banks and banking. Thanks in advance.

There is every chance that you can keep your home. However, the current equity in the home is a marital asset and must be divided as part of the marital settlement. Your salary during your marriage is/was a marital asset which is why the home is a marital asset. There is a chance that if you can prove that the down payment was a premarital assets and that the down payment can be tracked you might be able to deduct that out of the equity before its divided as a marital asset.

You would need to be either able to pay her, her share of the equity from other assets, or be able to refinance the house for enough to cover the current mortgage and pay her, her share of the equity, or borrow to elsewhere to do the same.

 

[Ohiogal]

There is every chance that you can keep your home. However, the current equity in the home is a marital asset and must be divided as part of the marital settlement. Your salary during your marriage is/was a marital asset which is why the home is a marital asset. There is a chance that if you can prove that the down payment was a premarital assets and that the down payment can be tracked you might be able to deduct that out of the equity before its divided as a marital asset.

You would need to be either able to pay her, her share of the equity from other assets, or be able to refinance the house for enough to cover the current mortgage and pay her, her share of the equity, or borrow to elsewhere to do the same.

LD is wrong. You are not guaranteed to keep your home. It is the MARITAL home. Can you afford to pay her HALF the equity? Is your credit good enough for a refinance? I have various other questions but if you listen to LD you are looking at problems.

 

[stealth2]

LD is wrong. You are not guaranteed to keep your home. It is the MARITAL home. Can you afford to pay her HALF the equity? Is your credit good enough for a refinance? I have various other questions but if you listen to LD you are looking at problems.

Which is pretty much what LDi wrote.

 

[Ohiogal]

Which is pretty much what LDi wrote.

No she didn't. She said there is EVERY CHANCE the OP would get the house. That is not true. If the OP doesn't have money to buy out his wife and can't refinance, he will NOT get the house. That is NOT every chance.

There is every chance that you can keep your home.

EVERY chance is a guarantee. But there is only a possibility.

 

[PayrollHRGuy]

OG, she also wrote this...

You would need to be either able to pay her, her share of the equity from other assets, or be able to refinance the house for enough to cover the current mortgage and pay her, her share of the equity, or borrow to elsewhere to do the same.

 

[stealth2]

No she didn't. She said there is EVERY CHANCE the OP would get the house. That is not true. If the OP doesn't have money to buy out his wife and can't refinance, he will NOT get the house. That is NOT every chance.



EVERY chance is a guarantee. But there is only a possibility.

No, not really. "There is every chance" actually implies that there are conditions that will need to be met... Especially when followed by the rest of what she wrote. Really - there is no need to see a dragon behind every shrub when it's likely only a cricket....

 

[Edgar 1776]

I'm most familiar with Community Property States, but I'll give you a few things to think about until you get an Attorney in Iowa. (Which you NEED)

Iowa has the equitable distribution method which basically means that the court will try to divide the marital assets in a fair and equitable manner between the spouses. Marital property subject to equitable division is that which comes from your employment and investments of you and your wife during the marriage. Equitable division does not mean the Judge will divide your marital property equally. It will be divided by the Judge in a way that results in a fair or equitable result for each spouse. The Judge will consider the contribution of each party to the marital estate; the earning capacity of each party; the age of each spouse; the desirability of awarding the family home or the right to live in the family home for a reasonable period to the party having custody of the children; the economic status of each party and; Other economic circumstances of each party. Non-marital property or property defined as property acquired by one spouse prior to the marriage or property acquired by on spouse by gift, inheritance, bequest or devise, even though during the marriage, remains that spouse's separate property is not subject to equitable division.

Your house is a tricky one. If the down payment came from a source of money earned prior to marriage or by gift/inheritance then that portion of the house could be be just yours. The payment that you made on the mortgage during the marriage most likely will fall under the equitable distribution rule and your wife may be entitled to that portion. You could even come to a settlement agreement and buy your wife's portion from her. You don't need to play around with this one.....break out the ole check book and hire an Attorney

 

[stealth2]

snip

Just curious, Edgar... have you been site-vetted as a lawyer?

 

[Ohiogal]

OG, she also wrote this...

The problem is she appeared to guarantee that he would keep the HOUSE.. that is not true.

 

[Ohiogal]

No, not really. "There is every chance" actually implies that there are conditions that will need to be met... Especially when followed by the rest of what she wrote. Really - there is no need to see a dragon behind every shrub when it's likely only a cricket....

Even crickets can lead astray. Hence.. "EVERY CHANCE" implies EVERY... Actually states it...

 

[stealth2]

The problem is she appeared to guarantee that he would keep the HOUSE.. that is not true.

That really is up for interpretation, IMO.

 

[Ohiogal]

That really is up for interpretation, IMO.

I see what you are saying.