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  • newly separated and have a question or more

    I have separated from my husband of twelve years. My income is 45k and his is 95K. Two boys agaed 10 and 8. we are doing shared parenting one week with him and the next with me. we are selling the house etc. i just had a few questions. before we got married i bought a house and have rented it for 15 years and he says he wants 1/2 the equity but i believe he is entitled to none as it was before the marriage, and also says i am entitled to none of his pension which he has had for 17 years ( married 12 of those) should i demand an actuary for the twelve as it doesnt seem right that all 17 years are his alone. I have an appointment in two weeks with a lawyer just curious. I also used the free calculation programs and it says i should get about 625 a month in child but the spousal is very confusing. does the child support come off his gross then work from there or do i ave to add it to mine. or is the child support high enough that there is no spousal

    thank, ps the separation has been fine with everything except the money

  • #2
    Yes, his pension would most likely be included as part of the net family assets.

    Yes, your rental property would most likely be included as part of the net family assets.

    In a 50/50 arrangement, you generally use the offset method to determine C/S, which it appears you have done.

    Others are better at SS then I am, but I do believe the CS would be reduced from his Net and added to your Net prior to determining SS and entitlement.

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    • #3
      The house you bought before the marriage, you would look at the value at the date of marriage and the value at the date of separation and use the amount it gained during the marriage.

      Depending on how long you owned the house to begin with and the equity you put in on purchase, it may not be the full value of the house. However if you only put a small down payment and then got married, likely you will looking at almost the full value.

      Even so, he doesn't simply get half the equity. You will do a complete net family property determination and any equalization will depend on the total pot.

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      • #4
        Spousal support entitlement is going to be your biggest hurdle.

        Mathematically my napkin math says your close enough to him financially that spousal support is bound to be an sticking point. Did you sacrifice a career to stay home with the children? Did you turn down opportunities in favor of HIS job? If so, start documenting those things.

        As has been said, yes the increase in value of his pension (for the 12 year period you were together) is considered an asset for equalization purposes.

        Conversely, your rental home would also be considered an asset. (on your side of the balance sheet)

        If your goal is to put an end to this in as amicable a fashion as possible, I would say what you may consider is signing off on spousal support, perhaps in exchange for him taking a slightly larger share of any martial debts...also consider offering to leave his pension alone in exchange for him leaving the rental home alone. (Assuming the values are approx. equal there)

        Spousal is likely going to be a fight, because your net value going off just the salary is very very close to his. (He gets taxed at a higher amount, and throw child support into he mix as well, you're hovering at roughly 40% of him before anything else.)

        A long drawn out court battle can run you 10's of thousands of dollars. The only one that knows your financial state is you. Remember, that while your lawyer works FOR YOU, they will tell you what you want to hear, because a quick easy settlement isn't profitable for the lawyer.

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        • #5
          I agree with everyone,
          The two important dates for calculating property division etc. is a) the date of marriage. You will need to value your rental property at this date minus the mortgage to determine its asset worth. He will get his pension valued at this date also with roughly the same process. Next important date is b) the crystallization date. This is the technical and legal term used to determine the date that all family asset values stop appreciating for calculating and division purposes. This is the date that (both of you hopefully) agree to that your separation officially began.

          Cs based on 50/50 will use the offset method. Base the cs you would pay him based on your gross income. He bases CS on his gross income subtract the two values and voila he will owe you approx. ( you- 45k, 2 children =$680...him- 95k, 2 children=$1343....1343(him)-680(you)=$663 per month he will pay you.

          I would not suggest fighting over SS (lawyers will encourage you to fight....remember they only make money with promoting conflict). His CS payments bring his net income done closer to yours and he will pay substantially more of the section 7 percentages. If you wish to see 50/50 work back off a SS fight. I honestly cannot see this as worth it to you.

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          • #6
            I agree with the other posters. Try to keep it simple if you want it to be cheaper and easier in the long run, and hopefully slightly more amicable for the sake of the kids.

            Complete, honest financial disclosure of a Net Family Property and Financial Statement should sort out most of your questions, and you and your lawyer can work on these and hopefully your STBX can do the same.

            Comment

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