whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 0:38:34 GMT -5
In a non-community property state - what happens to property titled only in one spouse's name? Not real estate, but bank accounts, stocks,etc
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 8:51:11 GMT -5
OK, NO ONE knows ??
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Deleted
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Post by Deleted on Mar 4, 2014 8:55:09 GMT -5
found this on legalzoom: Separate Property
Separate property, on the other hand, is everything a husband and wife own separately. Separate property does not need to be divided between the spouses. In most cases, separate property includes: Anything owned prior to marriage Anything inherited or received as a gift during the marriage Anything either spouse earned after the date of separation Separate property can also include anything that one spouse gives up to the other spouse in writing. In certain cases, separate property can become mixed with community property. When this occurs, it is important be able to trace the payments and show where the separate and community money came from. For example, a husband may have contributed the down payment for a house, got married, and then paid off the mortgage with community property. In this case, the husband would be reimbursed for the down payment if he could prove his separate funds were used to pay it.
Similar to separate property, separate debts belong to one spouse. All debts incurred before marriage are separate debts. For example, educational loans or job training loans incurred before marriage would be separate debts.here's a link: www.legalzoom.com/divorce-guide/community-property-separate-property.html
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Deleted
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Post by Deleted on Mar 4, 2014 8:57:48 GMT -5
It depends if it was solely yours before the marriage or not and if it was ever commingled with marital property.
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resolution
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Post by resolution on Mar 4, 2014 9:05:04 GMT -5
It may vary by state. You can Google equitable distribution (your state) to find the rules, but really would need to consult with a lawyer. www.bedrockdivorce.com/blog/?p=296
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Deleted
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Post by Deleted on Mar 4, 2014 9:10:43 GMT -5
In a non-community property state - what happens to property titled only in one spouse's name? Not real estate, but bank accounts, stocks,etc I would send SWAMP a personal message, I think she used to do divorces.
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swamp
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Post by swamp on Mar 4, 2014 9:12:38 GMT -5
If the property was acquired during the marriage, even if its on one spouses name, its marital property.
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swamp
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Post by swamp on Mar 4, 2014 9:13:15 GMT -5
That's the general rule. There are always exceptions.
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thyme4change
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Post by thyme4change on Mar 4, 2014 9:24:16 GMT -5
Lena - are you getting a divorce?
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Deleted
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Post by Deleted on Mar 4, 2014 9:27:02 GMT -5
I'm not a lawyer but was divorced in NJ, which is not a community property state. In my case, I got what I negotiated, which included 40% of the equity in the house (titled in both names) and all of the investments in my name, which were worth about $200K at the time. He had zero savings in his name. He paid all his debts out of his share of the proceeds. (It was cc debt, pretty much nice stuff he'd bought for himself, not family vacations or clothes for DS that I would have considered partly my responsibility).
I highly recommend a negotiated property settlement, which both parties work out with their lawyers and/or arbitrators and take to the court. It saves $$$ and doesn't leave some important decisions up to the judge.
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Wisconsin Beth
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Post by Wisconsin Beth on Mar 4, 2014 9:33:01 GMT -5
Lena - are you getting a divorce? Yeah, nosy people like me want to know!
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Deleted
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Post by Deleted on Mar 4, 2014 9:35:16 GMT -5
Maybe they were just playing a "what if" game?
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Deleted
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Post by Deleted on Mar 4, 2014 9:35:23 GMT -5
What happens is that the owner will close the accounts and pretend the money never existed and the court will do nothing about it unless the accounts are very large and there is proof they existed.
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 9:36:52 GMT -5
No, I am not getting divorce, I am just being crazy lazy.
I was opening some stock accounts and it was easier just to put it in my name instead of getting it printed out and have my husband sign it bc they already have all my info on file.
Also, I have some stuff that are still in my MAIDEN name from before we were married and again, I have been too lazy to do anything about it.
So, once in a while I start thinking about what would happen if we got divorced or I dropped dead.
My husband knows NOTHING, I mean ABSOLUTELY NOTHING about our assets, but if he had his name on all of it, I would think it would be easier for him to find out. Again, in case of divorce or my death.
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giramomma
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Post by giramomma on Mar 4, 2014 10:07:46 GMT -5
No, I am not getting divorce, I am just being crazy lazy. I was opening some stock accounts and it was easier just to put it in my name instead of getting it printed out and have my husband sign it bc they already have all my info on file. Also, I have some stuff that are still in my MAIDEN name from before we were married and again, I have been too lazy to do anything about it. So, once in a while I start thinking about what would happen if we got divorced or I dropped dead. My husband knows NOTHING, I mean ABSOLUTELY NOTHING about our assets, but if he had his name on all of it, I would think it would be easier for him to find out. Again, in case of divorce or my death. Have you made an "incase I die" binder for your husband that lists all your financial stuff: not just the assets but also info for the bills you pay, with account numbers, usernames, and passwords? You could put this in a safe deposit box with a copy of your will... I need to do that for my DH. I handle all the finances, mostly because my H doesn't really care about them. My name is on the kids 529 accounts, etc. He'd have no clue..
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 10:11:46 GMT -5
No, I don't have a binder. You must have missed the "I am lazy" part We also have no wills bc I refuse to have a guardianship agreement for the kids. It's a mess. Big big mess
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midjd
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Post by midjd on Mar 4, 2014 10:21:17 GMT -5
I'm late to this, but in my state - generally, whatever was yours before marriage stays yours, whatever was acquired during the marriage is distributed "equitably" (not necessarily equally), regardless of whose name is on it. I only know this because my friend was considering leaving her asshole husband when he cheated on her... she had come into the marriage with quite a few assets and he had none. They're still together and now have a kid. And bonus, now he knows I drafted a bunch of divorce pleadings for her!
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midjd
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Post by midjd on Mar 4, 2014 10:23:22 GMT -5
No, I don't have a binder. You must have missed the "I am lazy" part We also have no wills bc I refuse to have a guardianship agreement for the kids. It's a mess. Big big mess I don't have a binder either, but I do have a password-protected spreadsheet with all of our accounts listed. DH is clueless about our assets but at least knows if I kick the bucket he needs to open the spreadsheet to see what bills need to be paid. Better than nothing and it didn't take too long. Plus it helps when I forget the login info to an account, which happens about three times a week.
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zibazinski
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Post by zibazinski on Mar 4, 2014 10:25:57 GMT -5
Michigan is not a community property state. That being said, a marriage of long duration is going to walk away with a shit load if there's stuff to get. Judge couldn't give away assets that DF inherited from his mother and kept apart but simply awarded more assets to ex from joint marital property. So she still got half of his inheritance.
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 10:29:48 GMT -5
I'm late to this, but in my state - generally, whatever was yours before marriage stays yours, whatever was acquired during the marriage is distributed "equitably" (not necessarily equally), regardless of whose name is on it. I only know this because my friend was considering leaving her asshole husband when he cheated on her... she had come into the marriage with quite a few assets and he had none. They're still together and now have a kid. And bonus, now he knows I drafted a bunch of divorce pleadings for her! I thought that's what our state's website said. I was just trying to think if there were any benefits/downside of putting things in my name only. Also, there are times when I need a password reset or something else and I have to wait for my husband to call bc they wouldn't do it for me - our cable company is one example. Last year I was royaly pissed off when our mortgage company wouldn't tell me anything about our 1098 bc my husband's name is first on the account
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 10:31:55 GMT -5
Michigan is not a community property state. That being said, a marriage of long duration is going to walk away with a shit load if there's stuff to get. Judge couldn't give away assets that DF inherited from his mother and kept apart but simply awarded more assets to ex from joint marital property. So she still got half of his inheritance. oh, I would be LIVID if I were your DF. While I hope my parents live forever, if I ever inherited anything from them, I would burn it first before giving it to my husband in a divorce.
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Deleted
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Post by Deleted on Mar 4, 2014 10:36:28 GMT -5
I was just trying to think if there were any benefits/downside of putting things in my name only. We have just about everything in my name. (I did add DH as co-borrower on our HELOC and a couple of credit cards so he'll have a credit rating of his own.) I like managing the money, he doesn't, so it works. If something happened to me he'd probably be best off heading for the tax files in my desk drawer, which would have all the information from brokerages and he could go from there. I should mention that to him, though. The cars are in his name so he can run them around and get registration renewals, etc. In our case, it's a matter of convenience to have it all in my name. I don't see divorce in our future but I fully understand that having things 100% in my name doesn't mean I get to keep it all. (And, since DH is 75, I'd want to make sure he got a fair amount of the assets anyway so he'd be comfortable.)
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Deleted
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Post by Deleted on Mar 4, 2014 10:43:59 GMT -5
We also have no wills bc I refuse to have a guardianship agreement for the kids. But you're ok with the court just picking somebody?
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zibazinski
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Post by zibazinski on Mar 4, 2014 10:45:24 GMT -5
He wasnt happy but that what comes when you let someone boo-hoo their way out of a prenup.
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 10:47:31 GMT -5
We also have no wills bc I refuse to have a guardianship agreement for the kids. But you're ok with the court just picking somebody? No, no I am not. But I just can't in good conscience sign an agreement that would make my kids live with my SIL and BIL. It's a pretty screwed up situation bc my husband thinks that they are the obvious choice and I want to throw up just thinking about the possibility. Like I said, it's a mess.
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milee
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Post by milee on Mar 4, 2014 11:04:26 GMT -5
Michigan is not a community property state. That being said, a marriage of long duration is going to walk away with a shit load if there's stuff to get. Judge couldn't give away assets that DF inherited from his mother and kept apart but simply awarded more assets to ex from joint marital property. So she still got half of his inheritance. My friend's going through a divorce where she has some valuable inherited assets. Her soon to be ex doesn't even like these things, but is being a jerk trying to claim some of them just to hurt her. Last Christmas he asked her for 1/2 of their Christmas ornaments. Although on the surface that sounds completely reasonable, it's not because the only ornaments they own are either the really expensive heirloom ones she inherited from her mother and the dozens of handmade ones that her various preschool students made and gave her over the years. Being a good friend, I helped her solve this dilemma. I went and boxed up exactly half the ornaments for him. (They were a delightful assortment of snowballs made of cotton balls and the word "teacher", construction paper handprints with kid's names on them, strings of macaroni, class pictures decorated with glitter, angels made of pinecones, etc...) He got his half.
In case you're wondering, I'm also the friend that you call when you catch your husband cheating and want to have a bonfire.
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 11:28:56 GMT -5
Michigan is not a community property state. That being said, a marriage of long duration is going to walk away with a shit load if there's stuff to get. Judge couldn't give away assets that DF inherited from his mother and kept apart but simply awarded more assets to ex from joint marital property. So she still got half of his inheritance. My friend's going through a divorce where she has some valuable inherited assets. Her soon to be ex doesn't even like these things, but is being a jerk trying to claim some of them just to hurt her. Last Christmas he asked her for 1/2 of their Christmas ornaments. Although on the surface that sounds completely reasonable, it's not because the only ornaments they own are either the really expensive heirloom ones she inherited from her mother and the dozens of handmade ones that her various preschool students made and gave her over the years. Being a good friend, I helped her solve this dilemma. I went and boxed up exactly half the ornaments for him. (They were a delightful assortment of snowballs made of cotton balls and the word "teacher", construction paper handprints with kid's names on them, strings of macaroni, class pictures decorated with glitter, angels made of pinecones, etc...) He got his half.
In case you're wondering, I'm also the friend that you call when you catch your husband cheating and want to have a bonfire.
I need to start thinking of more clever ways to convince you to move to NH
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whoisjohngalt
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Post by whoisjohngalt on Mar 4, 2014 11:30:07 GMT -5
Lena - are you getting a divorce? Yeah, nosy people like me want to know! I can appreciate an upfront nosiness
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milee
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Post by milee on Mar 4, 2014 11:31:07 GMT -5
My friend's going through a divorce where she has some valuable inherited assets. Her soon to be ex doesn't even like these things, but is being a jerk trying to claim some of them just to hurt her. Last Christmas he asked her for 1/2 of their Christmas ornaments. Although on the surface that sounds completely reasonable, it's not because the only ornaments they own are either the really expensive heirloom ones she inherited from her mother and the dozens of handmade ones that her various preschool students made and gave her over the years. Being a good friend, I helped her solve this dilemma. I went and boxed up exactly half the ornaments for him. (They were a delightful assortment of snowballs made of cotton balls and the word "teacher", construction paper handprints with kid's names on them, strings of macaroni, class pictures decorated with glitter, angels made of pinecones, etc...) He got his half.
In case you're wondering, I'm also the friend that you call when you catch your husband cheating and want to have a bonfire.
I need to start thinking of more clever ways to convince you to move to NH If global warming continues, NH will be appealing to me about 2050. Call me then.
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Miss Tequila
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Post by Miss Tequila on Mar 4, 2014 12:05:47 GMT -5
Michigan is not a community property state. That being said, a marriage of long duration is going to walk away with a shit load if there's stuff to get. Judge couldn't give away assets that DF inherited from his mother and kept apart but simply awarded more assets to ex from joint marital property. So she still got half of his inheritance. oh, I would be LIVID if I were your DF. While I hope my parents live forever, if I ever inherited anything from them, I would burn it first before giving it to my husband in a divorce. Hmm...that's good to know...my husband inherited money but keeps it separate
In all honesty I'm joking. I have my assets and he has his. When we separated years ago I never wanted a dime from him. Some people go after the exes money but to me it was a pride thing...I don't need you OR your money! Of course, it doesn't hurt that I made the same as him back then (I now make a little more).
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