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LAW/DIVORCE YOUR THOUGHTS
MFI
Member Posts: 7,899 ✭✭✭
Buddy of mine in the shop today telling me his story. What do you think. Keep in mind this all happened when he was married and this is NYS:
1) He was given as a gift from his dying father out of his IRA $145,000 to buy a house. Buddy was married at the time. Wife contributed no money towards the house and has paid nothing in 6 years for taxes or anything in the house. If they divorce does the wife have half the claim of the house when it sells? His lawyer says she has no rights to claim because this was a gift from the father. His wife's lawyer says she gets half of everything.
2) Also he sold two buildings one a building in a trust fund with his brother and another a house he inherited from his grandmother before she passed away. Does she have claim to half of the money for these buildings ? Again his lawyer says no way her lawyer says half ..
What do you guys think ?
1) He was given as a gift from his dying father out of his IRA $145,000 to buy a house. Buddy was married at the time. Wife contributed no money towards the house and has paid nothing in 6 years for taxes or anything in the house. If they divorce does the wife have half the claim of the house when it sells? His lawyer says she has no rights to claim because this was a gift from the father. His wife's lawyer says she gets half of everything.
2) Also he sold two buildings one a building in a trust fund with his brother and another a house he inherited from his grandmother before she passed away. Does she have claim to half of the money for these buildings ? Again his lawyer says no way her lawyer says half ..
What do you guys think ?
Comments
What do you guys think ?
Won't be the first time she screwed him. Don
If your friends wife has a good enough lawyer, and isn't in a rush, she certainly could get some of that money. Either way the lawyers on both sides win no matter who loses.
I would be glad to give her half if it gets 100% of her BS out of my life.
1)kiss her * and keep her
2)kill her.....with a good lawyer, he'd get out in 2 years...and if lucky, could claim temporary insanity and get her life insurance also...and he's in NY, so he can't own guns already anyway....
Sad but true.......
One thing about law suits, which is what a divorce is, never agree to anything you are not willing to accept, never ever never.
If she does not have a strong claim she loses nothing but attorny fees by going to court and trying to win. There is no incentive for her to admit she does not have 1/2 of this property coming to her.
He on the other hand stands to lose by going to court, if the judge is convinvced she has any claim at all. It's a good time to offer a settlement before the trial.
She could win nothing in court and may take what she can get without a trial or she may go to court and swing for the home run. He could win in court and owe her nothing on these properties or he could lose up to 1/2 of them.
If it was me I would sharpen my pencil and decide what I could accept. Anything less than or up to that I would accept without taking my chances in court. Anything more and I would go to court and let if fall where it will. He will not lose more than 1/2 in court so there is no incentive for him to offer her 1/2 now.
Both lawyers know this and they also know they get paid everytime they trade paper.
Best of luck to your friend.
I'd been married 15 years when my Mom left me a property and my X TRIED to get it or have it sold and get half the money during a divorce, didnt happen, she could not touch it, there wasnt even a fight over it as her lawyer told her it was a lost cause...[;)]
They have been married 7 years I believe. .House bought during marriage..
Community property
So you guys are saying his lawyer doesn't know what he is talking about ?
It wouldn't be the first time.
quote:Originally posted by MFI
They have been married 7 years I believe. .House bought during marriage..
Community property
I think NY is a common law state.
But from past experience, it's all a negotiation.
And also from past experience, it's the best money he will ever spend.
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
In the end theres always two sides to the story. Your buddy probably says the womens a beeotch money grabbing skank bla bla. But in the end your buddy is probabl an * hat as well. I never believe anybody in these cases.
My thoughts are go back through the years and see what percentage of income each partner contributed and make the split based on who paid for what. Those females who sit on their lard butt and contribute little while riding hubby's success should get very little.
In MO anything acquired during the marriage is subject to communal property splits. I tried to evade the regs by having Mom will some land to my kids but Grouch Attack prevailed and now she has her 1/2 of something she didn't do anything to get.
My thoughts are go back through the years and see what percentage of income each partner contributed and make the split based on who paid for what. Those females who sit on their lard butt and contribute little while riding hubby's success should get very little.
No I agree. Problem is specially in NY unless its in a prenump of which you cant prenump for things that are anticipated or future gains its what you came into the marriage for(most of the time, there some things you can protect). Problem is if they were married for 7 years and property came into their hands say year 3-4. thats 3-4 years that the wife even if she didnt earn an income can say she took care of their kids, maintained the property etc. Now if that property came into the hands of both of them within the last few months he mighht have a case. Problem is, if they have kids hes done for sure, he my as well try and negoiate the best deal he can before the judge gives her half or even more. Thats the law of the land.
1. As a general rule, if you buy it during the marriage, it's joint property. 50/50.
2. As a general rule, what you have before you are married, you get in the divorce.
3. As a general rule, if you inherit anything, you keep it in the divorce.
Now, let's talk about exceptions.
1. If the assets or overall situation is such that it would be inequitable for one party to leave the marriage with nothing, and therre "premarital" assets that can be used to make things right, guess what - you can invade it.
2. If you have a pre-marital asset that apprecaites in value, if the spouse didn't do anything to cause that increase, for example, dividends on stock that are reinvested in stock, it remains the property of the original owner. But if the spouse helped it grow in value, for example, if you own patents, and the spouse works a job that allows you to enforce those patents, or if the spouse helps with the upkeep or mortgage payments on a cottage, the spouse has a claim.
3. If you "co mingle" assets, you lose them. So if you inherit $, put it in your joint account, and pay bills with it, and buy a boat, etc., that's a marital asset.
The bottom line is that the court is going to look at what is fair.
Your buddy was given a "gift" that he co-mingled. If his dad wanted to give it to him and him alone, the dad should have either bought the house himself, or had a loan agreement, or been a co-owner of the house. Wife may have been a PITA, but they were married, that was their arrangement - she watches TV, he works. Or maybe she cleaned the house, was a mother to the children, etc. She's getting half "ish" of the house. May be some room to negotiate, but she's got a good claim.
As far as the inheritance, what did he do with the money? Just because it is co mingled doesn't mean "automatically" half, but his claim is stronger on this.
To be honest about it, in most cases, the woman deserves more than 50 percent of everything for putting up with our sorry * over the years! [:)]
Kind of derailing the post, but yep, that is my opinion.
"It is the Effing you get for the Effing you got."
Or, he can accept the community property nature of the house and the cash and he and his ex can both walk away with 50%.
The added bonus of option 2 is that it is over much sooner.
Brad Steele
It is only money.
Happiness is more important.
He can fight her; 20% or more can go to lawyers, and he will be left with less than 50%.
Or, he can accept the community property nature of the house and the cash and he and his ex can both walk away with 50%.
The added bonus of option 2 is that it is over much sooner.
I would tend to agree. Unless he has a slam dunk and his lawyer will tell him all he wants to hear as that lawyer sees dollar signs. Hes better off not fighting it and taking a50/50 or calling her and working it out. otherwise he might waste 20% to get 60% when he could have just signed and gotten 50%.
Talked to him again today said he got a second opinion. Another lawyer agrees she gets nothing. House was bought with inherited money and buildings were sold that were inherited. Both owned before the marriage started.
OK, that makes a big difference. That's why I asked. Pre-marital property is exempt unless he deposited the proceeds into a joint account with her.
2n & 3rd opinions count in matters of extreme health and money!
quote:Originally posted by MFI
Talked to him again today said he got a second opinion. Another lawyer agrees she gets nothing. House was bought with inherited money and buildings were sold that were inherited. Both owned before the marriage started.
OK, that makes a big difference. That's why I asked. Pre-marital property is exempt unless he deposited the proceeds into a joint account with her.
Only problem is if she has a claim of upkeeping the property with either labor/money or taking care of kids. This all can be a factor. did she pay any bills, etc etc.