Division of assets

[scotmockup]

Any advice on an equitable split of assets.
1. My wife earns 3 times my salary and has a lot more debt in her name. is any and all debt shared in a marriage regardless of who's name its in?
2. She wants to keep the house which is in her name (value $140,000.00) with about $30,000.00 equity that she wants to keep. kids still at home and don't want to sell the house. What am I entitled to?
3. We each have a business. Hers consulting with 1 large client generating about $80,000.00 annual, and mine a lawn service business generating about $42,000.00.
My business has equipment valued around $10,000.. no tangible assets with her business. How should this be divided?

Thank you for any responses.

 

[LdiJ]

Any advice on an equitable split of assets.
1. My wife earns 3 times my salary and has a lot more debt in her name. is any and all debt shared in a marriage regardless of who's name its in?

Any debt accumulated during the marriage is marital debt, no matter whose name it's in.

2. She wants to keep the house which is in her name (value $140,000.00) with about $30,000.00 equity that she wants to keep. kids still at home and don't want to sell the house. What am I entitled to?

It depends on how much of the equity accrued during the marriage.

3. We each have a business. Hers consulting with 1 large client generating about $80,000.00 annual, and mine a lawn service business generating about $42,000.00. My business has equipment valued around $10,000.. no tangible assets with her business. How should this be divided?

Her business, without her, would be nothing. She is an independent contractor who really doesn't have a recognizable business. Your business is actually saleable due to the equipment and a decent sized client list (based on the amount of money you bring in).

If I were you, I would trade some (or all depending upon amounts) of the extra debt in her name, and your business equipment, for any share of equity you might have in the house. That would be a win/win.

 

[PayrollHRGuy]

Any advice on an equitable split of assets.
1. My wife earns 3 times my salary and has a lot more debt in her name. is any and all debt shared in a marriage regardless of who's name its in?
2. She wants to keep the house which is in her name (value $140,000.00) with about $30,000.00 equity that she wants to keep. kids still at home and don't want to sell the house. What am I entitled to?
3. We each have a business. Hers consulting with 1 large client generating about $80,000.00 annual, and mine a lawn service business generating about $42,000.00.
My business has equipment valued around $10,000.. no tangible assets with her business. How should this be divided?

Thank you for any responses.

What state are you in?

 

[quincy]

What state are you in?

According to posting history, scotmockup is/was a resident of Indiana.

But I agree that verification of the state name is important. The information provided by LdiJ is not true for all states.

 

[LdiJ]

According to posting history, scotmockup is/was a resident of Indiana.

But I agree that verification of the state name is important. The information provided by LdiJ is not true for all states.

He doesn't have any posting history. Are you mixing him up with someone else?

 

[LdiJ]

According to posting history, scotmockup is/was a resident of Indiana.

But I agree that verification of the state name is important. The information provided by LdiJ is not true for all states.

I am however interested in what you think I said that would not be accurate in both community property states and equitable division states.

Marital debt being debt that accrues during the marriage is true in both.
Marital home equity being equity that accrues during the marriage is the same in both.
Her business not being able to continue without her is the same in both.
His business being saleable due to assets and client list is the same in both.

The rest of my post was a suggestion on how to trade off assets and debts, so that everybody kept their own stuff. So that he doesn't get stuck with any of her debt, and she doesn't get any of his company. I suppose that he could also ask for alimony if he was so inclined.

 

[quincy]

He doesn't have any posting history. Are you mixing him up with someone else?

Scotmockup has a posting history, with a thread created in Copyright section of the forum and a thread created in the Domestic Violence section of the forum - although these are older threads and scotmockup may have moved from Indiana since joining the forum.

Scotmockup hasn't mentioned whether he and his wife have separated.

 

[Just Blue]

He doesn't have any posting history. Are you mixing him up with someone else?

Yes he does have a px hx.

 

[quincy]

LdiJ, to find a member's posting history, go to their Profile (click on their name to get to Profile) and then click on "Postings."

 

[LdiJ]

LdiJ, to find a member's posting history, go to their Profile (click on their name to get to Profile) and then click on "Postings."

That is what I did, and that is what I did again. I am seeing nothing but this thread.

 

[not2cleverRed]

That is what I did, and that is what I did again. I am seeing nothing but this thread.

https://forum.freeadvice.com/threads/service-mark-question.358118/

https://forum.freeadvice.com/threads/son-harassing-parents.365274/

 

[Taxing Matters]

That is what I did, and that is what I did again. I am seeing nothing but this thread.

Did you click on the Postings tab of his page? That's what gives you the list of all the prior postings. When you first go to the member page it just shows you recent activity by default; the older stuff doesn't show up there.

 

[quincy]

That is what I did, and that is what I did again. I am seeing nothing but this thread.

I think you must be clicking on "latest activity."

You have four choices when you go to the profile page (from left to right): Profile posts, Latest Activity, Postings, About. Click on postings.

Three threads will appear (this thread and two others). Two threads show the state name as Indiana. But, again, scotmockup might have moved since he first joined as a member.

With some luck, scotmockup will return to confirm Indiana as his state name or provide his current state name - and some more information about his current living situation.

 

[stealth2]

He doesn't have any posting history. Are you mixing him up with someone else?

He has three posts on three threads (started by him)...