Division of assets during divorce

[stealth2]

You bemoaned the fact that CA no longer requires fault. There are reasons why states shifted to "no fault", very good reasons. Your wife is unhappy with you. You don't respect her. Your language in this thread illustrates that you neither love nor cherish her, and only are against the divorce because it's inconvenient.

Just to add some subtext to this. While you, @gaggz , are correct that none of us "know" you or the situation, you also don't know any of us. The majority of us have seen - in our own lives, be it ourselves personally or with those we know - that family situations are rarely one spouse's "fault." There is almost always "more to the story." But, as the person telling it, it's always easier to lay the blame at the other's feet. Especially when you perceive yourself to be in a fight for your life. Because then you feel the need to throw everything you can to see what sticks and furthers your cause. Believe me - BTDT. Besides, it *couldn't* possibly be our fault - in any measure - that the marriage failed. But we all do play a role. With time - and introspection - we see ours. Not every marriage can - or should - be saved. But we all need to own our part in the failure.

 

[Just Blue]

Just to add some subtext to this. While you, @gaggz , are correct that none of us "know" you or the situation, you also don't know any of us. The majority of us have seen - in our own lives, be it ourselves personally or with those we know - that family situations are rarely one spouse's "fault." There is almost always "more to the story." But, as the person telling it, it's always easier to lay the blame at the other's feet. Especially when you perceive yourself to be in a fight for your life. Because then you feel the need to throw everything you can to see what sticks and furthers your cause. Believe me - BTDT. Besides, it *couldn't* possibly be our fault - in any measure - that the marriage failed. But we all do play a role. With time - and introspection - we see ours. Not every marriage can - or should - be saved. But we all need to own our part in the failure.

Very true and very well said, Stealth.

 

[MiaHodges]

I'm not sure of my law knowledge, but if the house is in bankruptcy, the bank will foreclose on it. In a divorce, only the property that the bank has not foreclosed on is divided. You should contact a divorce attorney who will advise you on what to do in any given situation. Divorce is a big step, so my spouse and I decided to try a legal separation https://temeculadivorce.com/area/legal-separation-california/ when we started having problems in our marriage. This is a great opportunity to rebuild our marriage since we are both unsure about the divorce.

 

[quincy]

I'm not sure of my law knowledge, but if the house is in bankruptcy, the bank will foreclose on it. In a divorce, only the property that the bank has not foreclosed on is divided. You should contact a divorce attorney who will advise you on what to do in any given situation.

This thread is from January.

 

[Ohiogal]

I'm not sure of my law knowledge, but if the house is in bankruptcy, the bank will foreclose on it. In a divorce, only the property that the bank has not foreclosed on is divided. You should contact a divorce attorney who will advise you on what to do in any given situation.

And this is not correct.

 

[SquareFairy]

Now that the divorce was filed in Oct 2021, my wife says that I willfully used my gift money to pay off tesla, so now I have no right over the $40,000 used to pay off the tesla loan .... means, she says half of the current car value is hers, whereas I am saying that half of (current car value minus 40,000) is hers as I used my gift money to relieve myself of the loan.

Can someone please help me out? what share of car is rightfully her and mine? I asked my friends and a corporate lawyer friend (not family lawyer) and an accountant friend, they say she cannot claim stake in 40k used to pay off the car.... please help!

1) The gift you received is your Separate Property.

2) Let's look at the car before and after you paid off the loan, and perhaps that can create an equitable solution.

If you did NOT pay off the $40,000, you would each have ownership of 1/2 the car (as example, we'll say it was worth $60,000) and 1/2 the $40,000 debt.

You: $30k 1/2car - $20k 1/2debt = $10k car equity
Spouse: $30k 1/2car - $20k 1/2debt = $10k car equity

If you are given ownership of the car, you are getting $20k of car equity, and would "owe" her $10k for her half.

I don't think paying off the loan should come into the equation. You could always refinance the car to "pay yourself back" and get to the situation you were both in before you paid off the loan. Your $80k gift is Separate, and should remain so, or be credited to you if any was used for a marital asset.

 

[Just Blue]

1) The gift you received is your Separate Property.

2) Let's look at the car before and after you paid off the loan, and perhaps that can create an equitable solution.

If you did NOT pay off the $40,000, you would each have ownership of 1/2 the car (as example, we'll say it was worth $60,000) and 1/2 the $40,000 debt.

You: $30k 1/2car - $20k 1/2debt = $10k car equity
Spouse: $30k 1/2car - $20k 1/2debt = $10k car equity

If you are given ownership of the car, you are getting $20k of car equity, and would "owe" her $10k for her half.

I don't think paying off the loan should come into the equation. You could always refinance the car to "pay yourself back" and get to the situation you were both in before you paid off the loan. Your $80k gift is Separate, and should remain so, or be credited to you if any was used for a marital asset.

This thread is from Jan of 2022. Please do not post to dead threads. Also your signature line violates the TOS of this site.

 

[Just Blue]

Sometimes it is useful if someone else comes here with a similar question to have a more complete answer, even if the OP is long gone. The thread of answers seemed to be non-responsive to the question.

I've adjusted my signature, and hope it will suffice. Let me know!

Get rid of the advertisement.

It is NEVER useful to post to year old threads.

If the thread is older than a month, with no new postings from the OP...do not post.