Equalization questions

[Veryconfused]

Hello all,
Two questions I am struggling to understand.

1. Does debt brought into marriage get factored into the equalization?

2. In what circumstance could someone ask for legal fees to be covered for the process of trying to separate and divorce?

 

[rockscan]

1. I believe that what you “own” including debts is included as value on date of marriage. Example—my husbands student loan value on date of marriage was in their valuation.

2. I believe if you are being unreasonable and drag things out or cause legal delays the other side could argue for costs.

Not a lawyer though.

 

[iona6656]

Hello all,
Two questions I am struggling to understand.

1. Does debt brought into marriage get factored into the equalization?

Yes- it factors into the equation.

Say you brought 10k of debt into the marriage. And at date of separation, you have 10k (net)...your actual gain in the marriage is 20k because you erased that debt. And 20k is what you would use in your equalization calculation.

2. In what circumstance could someone ask for legal fees to be covered for the process of trying to separate and divorce?

rocksan covered it. It's generally understood that each party covers their own legal fees unless one party's conduct is egregious.