What am I entitled to?

[ksc1273]

I live in Indiana and am getting ready to go through a divorce. The house my wife and I have is in her name only but she bought it after we got married. I know I'm entitled to 50% of the house but is it 50% of the equity or 50% of what the house appraises at?

 

[OHRoadwarrior]

You are entitled to 50% of the equity, which is basically its appraised value minus outstanding debt against it. Obviously, if it appraises for less than you owe on it, equity is zero.

 

[TheGeekess]

You are entitled to 50% of the equity, which is basically its appraised value minus outstanding debt against it. Obviously, if it appraises for less than you owe on it, equity is zero.

Indiana is not a community property state.

Common Law States

Most states, except those listed as community property states, below, use the "common law" system of property ownership. In these states, it's usually easy to tell which spouse owns what. If only your name is on the deed, registration document, or other title paper, it's yours. You are free to leave your property to whomever you choose, subject to your spouse's right to claim a certain share after your death. (For more information, see Inheritance Rights.)

If you and your spouse both have your name on the title, you each own a half-interest in the property. Your freedom to give away or leave that half-interest depends on how you and your spouse share ownership. If you own the property in "joint tenancy with right of survivorship" or "tenancy by the entirety," the property automatically belongs to the surviving spouse when one spouse dies -- no matter what the deceased spouse's will says. But if you instead own the property in "tenancy in common" (less likely), then you can leave your half-interest to someone other than your spouse if you wish.

If an item doesn't have a title document, generally you own it if you paid for it or received it as a gift.
Community Property States

If you live in a community property state, the rules are more complicated. Community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. (In Alaska, spouses can sign an agreement making specific assets community property.)

http://www.nolo.com/legal-encyclopedia/marriage-property-ownership-who-owns-what-29841.html

 

[ecmst12]

Did she buy the house with marital funds or separate funds?

 

[TheGeekess]

IC 31-15-7-4
Division of property
Sec. 4. (a) In an action for dissolution of marriage under IC 31-15-2-2, the court shall divide the property of the parties, whether:
(1) owned by either spouse before the marriage;
(2) acquired by either spouse in his or her own right:
(A) after the marriage; and
(B) before final separation of the parties; or
(3) acquired by their joint efforts.
(b) The court shall divide the property in a just and reasonable manner by:
(1) division of the property in kind;
(2) setting the property or parts of the property over to one (1) of the spouses and requiring either spouse to pay an amount, either in gross or in installments, that is just and proper;
(3) ordering the sale of the property under such conditions as the court prescribes and dividing the proceeds of the sale; or
(4) ordering the distribution of benefits described in IC 31-9-2-98(b)(2) or IC 31-9-2-98(b)(3) that are payable after the dissolution of marriage, by setting aside to either of the parties a percentage of those payments either by assignment or in kind at the time of receipt.
As added by P.L.1-1997, SEC.7.

IC 31-15-7-5
Presumption for equal division of marital property; rebuttal
Sec. 5. The court shall presume that an equal division of the marital property between the parties is just and reasonable. However, this presumption may be rebutted by a party who presents relevant evidence, including evidence concerning the following factors, that an equal division would not be just and reasonable:
(1) The contribution of each spouse to the acquisition of the property, regardless of whether the contribution was income producing.
(2) The extent to which the property was acquired by each spouse:
(A) before the marriage; or
(B) through inheritance or gift.
(3) The economic circumstances of each spouse at the time the disposition of the property is to become effective, including the desirability of awarding the family residence or the right to dwell in the family residence for such periods as the court considers just to the spouse having custody of any children.
(4) The conduct of the parties during the marriage as related to the disposition or dissipation of their property.
(5) The earnings or earning ability of the parties as related to:
(A) a final division of property; and
(B) a final determination of the property rights of the parties.
As added by P.L.1-1997, SEC.7.

http://www.in.gov/legislative/ic/2010/title31/ar15/ch7.html

 

[ksc1273]

Did she buy the house with marital funds or separate funds?

We didn't put any money down on the house. We were both working at the time but there was a 3 year period when I had the only source of income and all bills including the mortgage got paid by my income.

 

[ecmst12]

So it sounds like the house is marital property regardless of whose name is on it.

 

[LdiJ]

Indiana is not a community property state.


http://www.nolo.com/legal-encyclopedia/marriage-property-ownership-who-owns-what-29841.html

Even though Indiana is not a community property state its rare for assets to be divided other than 50/50. It can happen but its pretty rare.

OP, once again, you are only entitled to 1/2 of the equity in the home. Depending on how long she has owned it, that might be little to nothing.

 

[tuffbrk]

Is it possible that you are not on the note but on the mortgage?