Confused


#1

I am confused on so many levels. My ex and I have land, a business and a home. All worth quite a bit. Let’s say this is the number. If all is worth 1,5000.00, does that mean my share is 750,000 or is it only the equity into these items. Doesn’t seem fair if that is the case. If we buy land for $500,000, doesn’t that mean the other had to buy out the entire cost. The way I see it is that the one who gets properties wins out BIG. Worth is worth…not equity…or do I just misunderstand something?


#2

You are each entitled to an equal share of the total equity of all the martial property. If you have a business you should look into hiring a business evaluator to determine the value of the business rather than estimating the value or assuming the value is what is in the accounts.
If the total value (less any loans) is 1,500,000 then yes your are entitled to $750,000.00 worth of property. By way of example if the home is worth 800,000 and there is an outstanding mortgage on the property in the amount of 300,000, the net value is 500,000. The business is valued at 1,000,000. If you retained the home as part of equitable distribution your ex would need to pay you out 250,000 in order to equalize the martial estate if he kept the business, thus you would each walk away with 750,000.


#3

help! my husband & i have been married for 22 yrs, no childre, everything in his name. i have recently become dissabled (5 yrs now) he is willing to rent me a room and provide care( ther has been no sex in 5 yrs, i can barley afford medications and am about to have my leg amputated! he is 63, i am 50. please offer me some advice. thank you :?: :?:


#4

You need to meet with a lawyer and file an action for equitable distribution, post separation support and alimony. If all of the martial property is in your husband’s name you will have to file an action for equitable distribution in order to ensure the martial estate can be divided equally, and you are also entitled to spousal support. You need to meet with an attorney immediately to discuss the specific of your case, you may very well be entitled to an award of attorney’s fees as well.