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justme4me · Nov 4, 2008, 07:51 AM

I live in Illinois. My husband and I bought our house from my father contract for deed 27 yrs ago and it has been pd for for 3 years. At the time we paid it off my father was ill and my step mother informed me that "my father" had changed his will and I no longer was to get an inheritance which would have been six figures. I feel she's the one who changed it but that is another matter. He has since passed away. While at the court house reassignig the deed from them to us my husband decided to quit claim deed his share to me so that I would have some future security. I had not worked and stayed home to raise our children (I tried several jobs but he always got me fired because he couldn't take care of the kids) at his request and had counted on my inheritance for my retirement. It's the one nice thing he has done for me. I now want divorce and want to know what will happen to my finances. I consulted a lawyer and he said that I would have to compensate him to some degree in dividing our assets. My home was incomplete when we bought it and still is. We started a self remodel 11 yrs ago which is not finished so what was already in bad shape is now worse. I paid for nearly all of the materials. My home is worth about half of what it should be. $75,000 vs $150,000. Does that figure in? We have by our standards a nice savings account, he has a nice 401K, a $15,000 car which he owes $7000 on. Mine is worth maybe $3000 and is pd for and a boat worth about $4000. He makes nearly 4 times what I do. I am employed with two jobs and have medical insurance aside from his. We have two grown children so no worries there. What will happen to our savings, his 401K, the equity in the house and is spousal maintenance a possibility? Also, is there any consideration to his retirement? I don't want to rape the man of his finances, I just want to know what I am entitled to and what the max is so I can make informed negoiations.

ebaines · Nov 4, 2008, 08:25 AM

Often the split of marital assets is worked out so that each person gets back what they brought into the marriage, and whatever was gained while married is split 50:50. Usually if there are substantial gifts or inheritances that one party received during the marriage they are considered as "belonging to" that person. So assuming that the bulk of your assets were built up during your marriage, then items like his 401(k), your equity in the house, the cars, boats, etc are split 50:50. However, everything is negotiable. For example, you may decide you'd like to buy out his half of the equity in the house in exchange for letting him keep his 401(k), so that you can continue to live there. Alimony is certainly a possibility, especially if his income is 4 times yours. Both you and your husband will have to submit detailed accountings of all assets - once you have that you can begin seriously thinking through what you want to keep and what you're willing to trade away.

justme4me · Nov 4, 2008, 05:26 PM

ebaines- so essentially you are telling me that even though he quit claimed deeded his half of the house to me he is still entitled to have of its equity? The quit claim deed is a mute point then. I gained nothing?

ebaines · Nov 5, 2008, 06:28 AM

Everything is negotiable. I am sure you an your attorney will argue that the house is yours, due to the quit claim. He will argue that it is an asset of the marriage. He will probably try to bolster his position by arguing he paid the bulk of the mortgage and upkeep over the years, which he probably did if his salary is 4 times yours. On the other hand, if he still believes you need it for financial security, he may just let it go. Stranger things have happened. All I'm saying is don't assume he will just roll over on this.

Fr_Chuck · Nov 5, 2008, 06:36 AM

Yes, you need an attorney, one that will be filing motions and the such, often you will have to try and go though mediator who will try and work out a settlement, other times you will have to fight it out for a long time and a judge will finally decide

justme4me · Nov 5, 2008, 05:54 PM

ebaines- I have researched this further and it seems the consensus is that when he quit claimed the house, he made it a gift and that isn't marital asset. Does that fly with you or am I being led down the wrong path?

ebaines · Nov 6, 2008, 07:40 AM

As has been suggested - talk to your attorney. He or she should be able to give you a good idea of what to expect when you get to arbitration. You may be right about the quit claim - but again, I'd be surprised if he just gives up all rights to the house without a fight. I think you'd be in a better position if you were paying for all taxes, repairs, insurance etc. - that would be good evidence that both of you considered the house as yours alone.