Ask Me Help Desk - Marital property?

My husband inheritated a large sum of money ( 100 K ) from his father when he passed away which was 3 1/2 yrs ago. We purchased a home shortly after his dad passing and he put the inhertiance down on the house as a downpayment.

I am not thinking of getting a divorce but I want to know what would happen if we did.. does he get the money right off the top and I get the equity in the house? Or is that considered marital property being we "acquired" it during our marriage. My name as well as his is on the title and deed to the house. Also am I entitled to 1/2 of everything that is acquired during our 10 yr marriage? We have 4 cars and all are in his name, plus we took out a home equity loan and he put the remaining amt in his checking acct ( over 11k ) am I entitled to a portion of that also? We took 20k out to pay off some bills. I just don't want to get the short end of the stick later on. We also have separate checking and savings accts because he feels I'll spend his money, which I wouldn't , I have a income.

That about sums it up 1/2 and 1/2. But he could fight it about the inheritance and any more Judges don't always do the law thing. My friend just got a divorce and her ex fought for everything and she got nothing but a little bit of furniture and kitchen stuff. He got the house, money and everything else. It wasn't at all fair and she spent a lot of money on a lawyer that didn't help whatsoever.

In general, in most states when a couple gets divorced it is typical for each to take back what they brought to the marriage, and split whatever was acquired during the marriage. This is assuming there's no pre-nup or post-nup agreements in place, and you're not in a community property state. So yes, I believe the $100K that your husband inherited while you are married would be considered as belonging 50/50 to each of you. That would be a stating point for negotiations. As for the home equity loan, I would guess that it would have to paid off immediately.

We live in RI , I don't know if that is a community property state or not.
We currently owe 170k and that is with the home equity of 20k included. He wants to sell the house in 3 yrs and move out of state but I do not want to do that. He said he wants to get back at least what he put down on it. I am afraid that he will walk away with 80 or 90k
And I will not get a cent. I pay 1/2 of the mortgage as well as he does and also I pay 1/2 of the property taxes which are 3200 a yr. I don't know if that matters or not. But we both contribute to the household. We do not have any children together. There is no pre-nup or post- pre nup either. He makes 63k a yr and I make 25k a yr. Can I ask for alimony being he makes a signaficant amount more than I do.

Rhode Island is not a community property state.

Given the widely varying laws between sates I can't tell you with any degree of certainty how the house would be split. That's why you need a lawyer if/when you get divorced - to argue your case so you don't get robbed by a crafty ex-spouse. One factor to consider is who contributed the down payment for the house. If your husband supplied the down payment, he would argue that he should get that back, and then you would split any additional appreciation (after paying off the mortgage and home equity loan). If he has pulled out $11K and does not use that to repay the loan, then you would argue that this amount comes out of his piece of the house. And yes, you would also argue for alimony, but you might be better off arguing for a lump sum out of the proceeds of the house sale rather than alimony - that way you get the money up front and don't have to worry about him skipping on alimony payments in the future.

Thank you ! The information you have provided is very helpful.!

Quote:

Originally Posted by tcpokie100

My husband inheritated a large sum of money ( 100 K ) from his father when he passed away which was 3 1/2 yrs ago. we purchased a home shortly after his dad passing and he put the inhertiance down on the house as a downpayment.

i am not thinking of getting a divorce but i want to know what would happen if we did.. does he get the money right off the top and i get the equity in the house? Or is that considered marital property being we "acquired" it during our marriage. My name as well as his is on the title and deed to the house. Also am i entitled to 1/2 of everything that is acquired during our 10 yr marriage? We have 4 cars and all are in his name, plus we took out a home equity loan and he put the remaining amt in his checking acct ( over 11k ) am i entitled to a portion of that also? we took 20k out to pay off some bills. i just dont want to get the short end of the stick later on. we also have seperate checking and savings accts because he feels i'll spend his money, which i wouldnt , i have a income.

In my view the inheritance was co-mingled when he out it down on a house ( in both names).. and it is no longer just his,, it is marital property.

Keep in mind that depending on the state,, R.I. for example has an equitable distribution rule..

This means the judge ultimately decides who gets what... in his sole discretion... based on 3 factors... 1. length of marriage, 2. Contribution to the marriage and 3. Fault.

The inheritance, in general is separate property but when it was co-mingled like in this case, he purchased the house in both names. It's now considered "marital property".