# Dividing up moneys



## APerson (Sep 25, 2016)

How does it work, generally these days with dividing up money and assets eg
We both have inheritance money, she has properties etc.

I know it is different depending where you are but are there some general rules.
A friend told me it is a 50/50 split?


----------



## GuyInColorado (Dec 26, 2015)

If the inheritance is kept separately, the inheritor gets to keep 100%. If it was mixed in with other couple, you split it 50/50. So if you inherit $100k, deposit it in your joint bank account, then you split it. If you put it in your own bank account with only your name on it, you get to keep all of it. If it was used to buy a property and both names are on it, it gets split 50/50. If you bought a property with only your name on it, then you can keep it since you didn't mingle it.


----------



## Hope Shimmers (Jul 10, 2015)

Generally (where I am at, anyway), anything brought into the marriage by either party remains theirs (inheritances, properties, etc). Any assets generated during the marriage (no matter who generated it) are considered marital property and are split 50/50.

edit: Agree with GuyinColorado. You can't co-mingle inheritance or other assets brought into the marriage or they become marital property.


----------



## APerson (Sep 25, 2016)

Thanks that's what I thought. A friend has just gone through divorce and he was adamant everything is split 50/50. That didn't sound right to me


----------



## APerson (Sep 25, 2016)

How many of you out there have avoided courts and what are the chances of that. The less pain the better for me. BTW this is hyperthetical at the moment but it IS going through my mind more and more and I presume this is one of the stages to actually going there and making the move, sadly


----------



## EleGirl (Dec 3, 2011)

Guy is right.

Money/assets either of you had before marriage belongs only to the person who brought them into the marriage. Inheritance and gifts belongs to the person who received the money/asset. This is called separate property.

But there is the issue, as Guy brings up, that if you mix separate property/income with marital property/income, then it can be argued that it was converted to martial asset/income.

Say you owned a home before marriage. Then after marriage you pay the mortgage for years out of martial income. The home is converted to marital property. Both of you split the equality 50/50 when it's sold or one buys the other out at 50% of equity. If you had put $100,000 down on the house, it's split. That's a general rule.

However, ... there are always exceptions.

If a very good paper trail is maintained, a good lawyer can argue that you owned the equity up until the time of marriage. YOu get your $100,000 back first. And the argument would be that your spouse only has interest in the equity that accrued after marriage. 

The same can be done with even mixed inheritance that has been mixed with martial assets/income. But it takes a good lawyer, a good accountant, a good paper trail and they might be able to untangle it and determine that at least some of the asset/cash is separate.

Then different states of different laws. Some states are strictly community property states. Some are equitable distribution states. In some equitable distribution states, the court can decide that your spouse needs some of your separate property.

Bottom line, it sounds like you have a complicated asset situation and really need lawyers to figure this out.


----------



## TheTruthHurts (Oct 1, 2015)

Awwww I'm disappointed 

I thought this thread was "Dividing up monkeys".

Seriously. I did. You can imagine my disappointment.

Carry on then


Sent from my iPhone using Tapatalk


----------



## EleGirl (Dec 3, 2011)

APerson said:


> Thanks that's what I thought. A friend has just gone through divorce and he was adamant everything is split 50/50. That didn't sound right to me


Why doesn't that sound right to you?


----------



## Hope Shimmers (Jul 10, 2015)

APerson said:


> How many of you out there have avoided courts and what are the chances of that. The less pain the better for me. BTW this is hyperthetical at the moment but it IS going through my mind more and more and I presume this is one of the stages to actually going there and making the move, sadly


Many people don't avoid the courts because the anger and desire to make the other person "pay" leads to hostility and nastiness throughout the process. That's fine, but you might as well just throw your money at the attorneys then.

We figured that out and divided our own assets on a spreadsheet. No attorney input at all. We already knew the laws and didn't need them to bill hourly for us to fight over it.

Be careful though, because things can get complicated when you start talking about retirement benefits and pensions. This is where I dropped the ball.


----------



## APerson (Sep 25, 2016)

hope this helps TheTruthHurts..
http://i.imgur.com/2gVIOrV.png


----------



## EleGirl (Dec 3, 2011)

APerson said:


> How many of you out there have avoided courts and what are the chances of that. The less pain the better for me. BTW this is hyperthetical at the moment but it IS going through my mind more and more and I presume this is one of the stages to actually going there and making the move, sadly


It's completely possible to avoid lawyers and a court fight.

If you both agree on everything, it can be very easy. You can even draw up the papers yourselves. But you cannot avoid court in that a judge has to sign the papers to make the divorce final.

When I divorced in 2012, I did the paperwork. We both agreed on it all. I paid the $135 fee, registered it with the court and dropped the paperwork off with a judge's clerk. A week later I went back and the judge had signed it, the divorce was final.

But that only works if you both agree on a settlement.


----------



## APerson (Sep 25, 2016)

EleGirl said:


> Why doesn't that sound right to you?


Because he was adamant that EVERYTHING is split 50/50 and clearly it is not.


----------



## EleGirl (Dec 3, 2011)

APerson said:


> Because he was adamant that EVERYTHING is split 50/50 and clearly it is not.


Did they each have separate property?

Did one of them have inheritance?

Your state could make a difference.


----------



## APerson (Sep 25, 2016)

All this is very helpful and greatly appreciated.


----------



## APerson (Sep 25, 2016)

EleGirl said:


> Did they each have separate property?
> 
> Did one of them have inheritance?
> 
> Your state could make a difference.


I didn't go into detail with him but when I asked he was adamant everything is split 50/50 no matter what. I wasn't going to argue.
He negotiated with her and they settled out of court. From what he says he could have got more but was happy with the result.
Inheritance was not mentioned and no separate properties so sounds like a simple one.

My wife has 3 or 4 properties, all in her name and separate bank accounts. She's not stupid.


----------



## Red Sonja (Sep 8, 2012)

APerson said:


> My wife has 3 or 4 properties, all in her name and separate bank accounts. She's not stupid.


Did she inherit them, own them (outright) before marriage or did she use marital funds to purchase or maintain them? Your answer will make a big difference in whether or not you own interest in them.


----------



## APerson (Sep 25, 2016)

Red Sonja said:


> Did she inherit them, own them (outright) before marriage or did she use marital funds to purchase or maintain them? Your answer will make a big difference in whether or not you own interest in them.


she inherited them...well changed the ownership to her name after parents passed away, if that is similar


----------



## TheTruthHurts (Oct 1, 2015)

APerson said:


> hope this helps TheTruthHurts..
> 
> http://i.imgur.com/2gVIOrV.png




Thank you. I feel much better now


Sent from my iPhone using Tapatalk


----------



## EleGirl (Dec 3, 2011)

APerson said:


> I didn't go into detail with him but when I asked he was adamant everything is split 50/50 no matter what. I wasn't going to argue.
> He negotiated with her and they settled out of court. From what he says he could have got more but was happy with the result.
> Inheritance was not mentioned and no separate properties so sounds like a simple one.


Probably was a more simple one.



APerson said:


> My wife has 3 or 4 properties, all in her name and separate bank accounts. She's not stupid.


Has she used any money that she has earned after marriage to pay for anything on those properties? Any repairs? Monthly payment?

With the separate accounts, what is the source of that money? Did she put any money in them at all since you were married? What is the source of that money?


----------



## APerson (Sep 25, 2016)

not sure there. She would be spending money on repairs etc. They are all rental properties so maybe she takes money out of the separate account. She very well could. I stay right out of it to be honest.


----------



## EleGirl (Dec 3, 2011)

APerson said:


> not sure there. She would be spending money on repairs etc. They are all rental properties so maybe she takes money out of the separate account. She very well could. I stay right out of it to be honest.


It's an important question that you should know the answer to.

She could be putting marital income/assets into her properties. That's money that is half yours. So that might convert her properties to marital assets.

You might want to check it out if the amount is significant.

Does she have a job? If so, where does she deposit her income from her job?


----------



## APerson (Sep 25, 2016)

yes I will be aware of that tip and watch the accounts for any evidence. She works and the money is in our shared acc. She only has her inheritance in a separate acc and stupid me put mine in our joint acc.


----------



## GuyInColorado (Dec 26, 2015)

Here is what you do.

Take your inheritance (or more) out of the joint account and go to "Vegas". You aren't separated right now, you could blow 100% of the money in your joint accounts and not be liable. She could do the same. It's both your money and you can do whatever you want. She'll never be able to prove that you hid it under your buddy's mattress. Then once you have her served, you take out the remaining 50% and put it in your own account. 

Verify with an actual attorney before doing this, but I've heard from co-workers who's ex wives did this to them and they couldn't do a damn thing. If allowed, take 100% of the funds and "blow it".


----------



## APerson (Sep 25, 2016)

guy I hope it doesn't get to that.
That's not my style in any case but I can understand how it could come to that


----------

