My Ex-wife left me over 3 years ago with 4 children in the home. 3 minors. She is suing for Equitable Distribution. Retirement accounts were about equal, I live in the home with 2 children left. Others aged out. We have a commercial property that she thinks is worth more than it is and I owe still about 430,000. I was left with all the bills and responsibility. I do not want any of this and surely don’t want to have to come up and pay her for equity that does not exist. We have done 4 or 5 pre-trials and she has ordered appraisals. My question is how do I get out of the ownership of this stuff. It would be fine with me if we just sold it all. Is the court allowed to make me keep possession of property? I have paid down the debt on the rental property over 100,000 and other debt of about 20,000 since separation, but if the property sales for what I owe on it then how does that affect ED? Lot of questions. Thanks for any help.
You should present evidence at the equitable distribution trial of the values of the property including payments you have made to pay down debts. If the values are negative, then she may end up owing you for marital debts that you have paid off. You should also present evidence as to how you want the property to be divided. This could include requesting that the property be sold and the profits be divided.
Just thinking. I want to request that the property be sold. Can I be forced to keep property that I don’t want?
It is really in the discretion of the judge. If you make an argument as to why the property should be sold and the proceeds divided, unless the other party has a compelling argument otherwise, the judge will likely agree with you and order as you have requested.
divorce affects children & How does divorce harm children? how do children cope with divorce?