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Old 05-25-2015, 01:13 AM
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Default Rental Property - in STBX's name - who gets remaining rental income

Hi Community...

During marriage I worked to build and develop a triplex. I put it in STBX's name. Since the date of separation, she has kept all income from the property.

She wants to keep the property and equalize me. What about the loss of past (since date of separation) and future cash flow ? Have I lost all/any rights there to ? Hardly seems fair.

As always thank you.
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Old 05-25-2015, 10:30 AM
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If it is only in her name, she has the right to the income. You have the right to split the value of the property, but not the income. It is no different than if someone rents out their house. It is technically her asset to do what she wishes with. When it comes to equalization, she will pay you out your portion, but you have no claim on the rental amount.
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Old 05-25-2015, 11:23 AM
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Quote:
Originally Posted by Berner_Faith View Post
but you have no claim on the rental amount....
... but the income would be factored into an calculations for s/s and c/s, if applicable.
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Old 05-25-2015, 07:36 PM
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... but the income would be factored into an calculations for s/s and c/s, if applicable.
I agree, but yes essentially the OP has lost the right to that "cash flow"
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Old 05-26-2015, 10:51 PM
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thank you all. hardly seems fair... such is life.
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Old 05-26-2015, 11:18 PM
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In your equalization of assets you can use the work and money spent on building up the property against other communial property gains.
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Old 05-27-2015, 12:25 PM
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Quote:
Originally Posted by plainNamedDad44 View Post
thank you all. hardly seems fair... such is life.
I'm guessing you put it in her name in the first place as her income was lower than yours so you benefited tax-wise from her claiming the rental income instead of you. The unfairness you feel now is the price you pay for that past benefit.

At least you have a reason not to give her SS - she has income of her own to support herself.

Have you put any money into this income-generating asset since separation? Done any maintenance, etc? You could be compensated for that above and beyond your half of the separation date value.
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Old 05-28-2015, 10:36 AM
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Quote:
Originally Posted by Rioe View Post
I'm guessing you put it in her name in the first place as her income was lower than yours so you benefited tax-wise from her claiming the rental income instead of you. The unfairness you feel now is the price you pay for that past benefit.

At least you have a reason not to give her SS - she has income of her own to support herself.

Have you put any money into this income-generating asset since separation? Done any maintenance, etc? You could be compensated for that above and beyond your half of the separation date value.

Yes exactly. Thank you for your input.
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