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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 09-16-2015, 11:14 AM
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Hi,
I have some (may considered trivial ) questions :
1) Matrimonial home value on the date of marriage. We rented, then moved to a property , then sold the property and moved to another property which is currently the matrimonial home. so should I consider the first property value to be the "on date of marriage column". If not what should I put in the on date of the marriage. I think it should be the value of the current matrimonial home when it was bought with a note. what about the mortgage value? I think it should be attached to the current matrimonial home.

b) Cars: Both cars got sold previously. should they make their way into the financial statement? I think the car values in the date of marriage is when the new cars were bought.

please advise . Many thanks.
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Old 09-16-2015, 11:25 AM
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If you were renting at the the beginning of your marriage and didn't own a property then the matrimonial home value at marriage date is $0.


Did you or your spouse own cars at the date of marriage? If so then apply the value of each vehicle at the date of marriage. If they were purchased after you were married then the value AT marriage date would be zero. The purpose of 'marriage date' valuation is to determine what assets were brought into the marriage by each party. Anything purchased after marriage date is joint family assets
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Old 09-16-2015, 12:19 PM
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Form 13 is a snapshot of your financial situation at two times: the date of marriage and the date of separation (valuation). What did you own on those dates, what did you owe on those dates? What happened in between is irrelevant.

If you rented at marriage, there was no matrimonial home.

If you owned a home at separation date, what was the appraisal then? What was the outstanding mortgage on that date?

However many homes you owned and sold between marriage and separation is irrelevant.

If you had a car at marriage date, what was its value then? What was the oustanding car loan on that date?

If you had a different car at separation date, what was its value then? What was the oustanding car loan on that date?

How many cars you owned in between those two dates and their values is completely irrelevant.

Be sure to divide by two anything that had both of your names on it (usually only an issue for separation date items).


For example

date of marriage July 2005 - man owned 2001 Jetta, worth $15000, and owed $7000 on it. Asset was worth $8000 to man.

date of separation July 2015 - man owned 2012 Prius, worth $25000, and owed $16000 on it. Asset was worth $9000 to man.

date of marriage July 2005 - man and woman rented, no asset to either

date of separation July 2015 - man and woman owned $350000 home, and owed $306000 on the mortgage, asset was worth $44000, therefore $22000 to man and $22000 to woman.

Last edited by Rioe; 09-16-2015 at 12:21 PM.
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Old 09-16-2015, 02:57 PM
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I actually remember that I have signed the contract for the property prior to the marriage date. Got married , rented for a while then moved to the house after.

I think I should include the value of the property (50%) on the date of marriage.

thanks
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Old 09-16-2015, 04:05 PM
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Quote:
Originally Posted by abuseddad View Post
I actually remember that I have signed the contract for the property prior to the marriage date. Got married , rented for a while then moved to the house after.

I think I should include the value of the property (50%) on the date of marriage.

thanks
do you have the proof that you did?
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Old 09-16-2015, 05:29 PM
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Yup..i have the contract that we signed
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Old 09-21-2015, 02:08 PM
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Maybe trivial question. Both of us Signed the contract for matrimonial property prior to wedding date. Closed and took possession post the wedding date.
I think that the matrimonial home value on date of marriage is 0.
Am I correct?
Please advice.
Thanks
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Old 09-21-2015, 02:29 PM
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I think if the two of you were engaged or intending to get married and purchased a property together, then had a wedding, rented for a while and then moved to the property you had purchased together, that property would count as the matrimonial home. You purchased it as a couple with the clear intention that you would live there during your marriage.

The date of the wedding is not as important as the fact that it was purchased with the intent that it would be the matrimonial home (and indeed it was the matrimonial home for most of the marriage). So I would list the value of the property on the day you married.

Of course I am not a lawyer and could be wrong about this.
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Old 09-25-2015, 02:24 PM
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More help required please. As the expenses were coming from joint accounts , and now I am filling in my financial statement. where do I account for her gas, ,maintenance , ,meals, hairstylist...etc.
and if the family vacations was all the family members , should I include the whole value?

her contribution is minimal. I am stuck with the bigger potion of the expenses.

Please advice.

Many thanks
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Old 09-25-2015, 03:23 PM
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Quote:
Originally Posted by abuseddad View Post
More help required please. As the expenses were coming from joint accounts , and now I am filling in my financial statement. where do I account for her gas, ,maintenance , ,meals, hairstylist...etc.
and if the family vacations was all the family members , should I include the whole value?

her contribution is minimal. I am stuck with the bigger potion of the expenses.

Please advice.

Many thanks
How are things like her haircuts relevant to anything?

Are you talking about the budget part of the financial statement? You just budget for your OWN expenses. Ignore anything of hers. This is just an estimation anyways. If you intend to stay in the current home, use the current expense as the number. And this is your anticipated budget for living as a single parent, going forwards. Don't include anything of hers, just your expenses and those of the children.

Do you not have your finances separated yet?? Close down those joint accounts yesterday so you stop paying her gas and meals and haircuts, etc, and certainly don't pay for her to go on a family vacation. You are NOT a family anymore. This is a BIG priority for you, otherwise you are setting yourself up as having demonstrated acceptance that you must continue to support her, and you will have to pay spousal support.
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