Equitable Division of Property


#1

I do not know much about prenups but I do know that it only provides for premarital assets. Any assets and debts acquired after marriage are considered marital property. If you had rental property prior to the marriage then I would assume it is considered separate property. You are entitled to 1/2 the marital assets regardless of what he believes and if he is found to be depleting marital assets or increasing marital debts he could be responsible for conpensating you for the difference after the date of separation. Basically, you should have what you came into the marriage with, along with half of what was acquired or accumulated during the marriage.
You should file for child support, and equitable distribution. There are Do-it-yourself kits some of the other poster’s have spoken of to save money and there should also be legal assistance available but I’m afraid I do not know all the details.
Hopefully, an attorney will answer or others will have suggestions.


#2

If you have equity in your home you may be able to open an equity line which allow you to make the mortgage payments and survive financially until this gets worked out.

If your premarital residence has remained your name only, then the only interest he has in the home is the reduction in the principal during the marriage, and any appreciation that occured because of his active contribution to the marriage. Mowing the lawn doesn’t count, but if he installed a new bathroom, hardwood floors, etc, then he would have a marital interest in that money.

He may have a small interest in the house, but it would take a more indepth analysis of the situation to answer your question.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Voice: 704.307.4600
Main Fax: 704.943.0044

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#3

I HOPE I AM MISUNDERSTANDING

To Puport

[If your premarital residence has remained your name only, then the only interest he has in the home is the reduction in the principal during the marriage, and any appreciation that occurred because of his active contribution to the marriage. Mowing the lawn doesn’t count, but if he installed a new bathroom, hardwood floors, etc, then he would have a marital interest in that money.]

I just want to make certain I read this correctly.

Is he indeed entitled to the GROWTH/APPRECIATION on my pre marital investment?

                         AND

I SOLELY invested 100K plus I paid closing costs UP FRONT and then I took out a 80K loan aka purchase price 180K in 2003.

HE INVESTED 0 TO BEGIN WITH

Morg is 560.00 per mo with 9K paid in principal

So he is entitled to 4.5K (1/2 of 9K) and 35K for 1/2 of the 70K in GROWTH/APPRECIATION and yet he MADE NO FINCIAL CONTRIBUTION OTHER THN COVERING THE PRICE EQUALIVANT TO A ONE BEDROOM APARTMENT?

ACTIVE CONTRIBUTION v FINCIAL CONTRIBUTION…39.5K seems to be quite a return on a ACTIVE CONTRIBUTION when he made NO initial financial contribution. As I said in my original post…he did not even have to pay as much to live in a 3000 sq ft luxury home as he would have paid to reside in a 1 bedroom apartment. I honestly do not mind that he was able to live so well off of my premarital contribution for so may years but walking away with 39.5K sounds steep. Plus this basically means HE PAID NOTHING FOR THE ROOF OVER HIS OWN HEAD for the entire marriage…if every cent he paid is totally REFUNDABLE plus 35K that’s like a land lord giving back a tenant his/her rent and upon their vacating the tenant also walks away with some of the landlords equity in the building.

In the same respect

Since the low morg entitled us to pay so much towards his former and during marital college education …his premarital debt… aka STUDENT LOAN…how much of his Masters and PhD will I receive in the divorce?

Also since the home requires new carpeting and many repairs ie: exterior painting, cauking, electrical etc…I assume that will be a deduction off the appreciation?

As to his 2 years of accumulated premarial retirement? Am I too entitaled to 1/2 the interest of the premarital retirement that was prenuped besides 1/2 of the principal and interest/growth on the 8 years of marital contribution? Please keep in mind he feels IF I do not give him ANY of my pre marital, then I get NOTHING of the MARITAL as the retirement account is solely in his name…he withdrew the funds already. He is now in possession all marital assets over 500.00 and 2 retirement accounts. I am left with ONLY what I started with and much in repairs plus all marital debts incured pre seperation.

And since he completely damaged my pre marital boat changing the value from 10K to 500.00 will he be expected to take the loss as well as I? The damage was not intentional just negelgance.

I hope I am incorrect in interpreting your reply…

based on the figures above…how would this be formulated?

So very much appreciated


#4

Passive appreciation is the growth in property value because of the market. Meaning the growth in value that would occur if you did nothing but maintain the home. This is not marital property.

Active appreciation is any efforts that occured during the marriage to increase the value of the property. Such as remodeling ectera. If there was such an increase in value, it would be marital property.

If your premarital agreement specifically excludes any appreciation, then you would not be required to share it with him.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Voice: 704.307.4600
Main Fax: 704.943.0044

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#5

THANK YOU Ms Helena M. Nevicosi

I can rest at night now…There is ONLY PASSIVE APPRECIATION[:D]


#6

You’re Welcome.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Voice: 704.307.4600
Main Fax: 704.943.0044

1829 East Franklin Street, Bldg 600
Chapel Hill, NC 27514
919.321.0780 main phone
919.787.6668 main fax

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#7

DOM: 6/12/99
Prenuptial agreement includes all premarital assets. My home, my small retirement account and his and employer retirement account as well his rater large premarital student loan debts that mostly went unpaid until we married and I took over the finances.

I entered into marriage with asset only, no debt other than the 440.00 mortgage which was always paid for by tenant/rental income of 550.00…excess of 440.00 combined with both child support checks (550.0-700.00 a mo) paid the property tax and insurance with any other excess going directly into marital checking to pay marital bills, his student loans and his PhD coursework at Marquette University. My premarital savings paid for any major repairs such as replacing the oil tank. Other major repairs were insurance related and paid for with insurance drafts. His income for the first 5 years of the marriage paid for everything else that my child support and rental income did not cover.

He now contends since he cut grass,changed locks, painted a few rooms with me that he contributed labor and efforts to my premarital thus increasing the value.

He further contends that since he contributed marital income to the mortgage he is now entitled to a percentage of my pre marital equity or standard increase of property value.

In reality, I made such a large down payment when the converting the pre marital home’s (duplex) equity to my second premarital home (single family), the mortgage, insurance, HOA fees (community pool) and property taxes combined barely grazed the cost of a 1 bedroom rental in this upscale area much less cover the cost of living in a completely furnished 3000 sq ft, 4 bdrm luxury home.

His income gross was 41K…net about 30, 500-31,000. I did not earn much income as I have had medical issues with MS since 2000. I did however contribute child support, a small law suit settlement and all employment income I did manage to earn into the marriage. This neighborhoods’ median income is in excess of 6 figures. We lived very good on the little he net due to my pre marital contribution. There are few nearby apartment complexes but the few nearby charge 1200 for a 1 bedroom, 1500 for a 2 bedroom and 1800 for a 3 bedroom rental…my combined factors did not even exceed 1200 per month.

Now he will not give me any portion of the marital portion of the employer retirement funds he is withdrawing unless I agree to give him some of the premarital asset of mine listed in the prenuptial.

I have not yet filed for divorce. I am house rich-cash poor and living off of a small premarital savings account since he abandon me and his step daughter on 2/2/07.

He also was fired from his job on 2/2/07, hence no more medical insurance, no more treatment for MS. Being a single parent with MS it’s hard enough to find employment much less cope with life’s challenges without asthma and MS meds. Since he is holding my portion of the retirement funds hostage I am trying to pack up 17 thousand pounds of household goods in preparation for a foreclosure plus seek employment.

I was really counting on the funds he withdrew to retain an attorney, pay the mortgage and basically survive until DVR can offer me assistance in finding a supportable job. Now he is not only denying me those funds he’s asking that 100% of my portion compensate him for his labor of basic household chores and minor maintenance along with what he tendered to put a roof over his own head for the past 3.75 years.

Suggestions PLEASE…stress is taking it’s tole on my health and on setting episodes of MS. With foreclosure around the corner I can barely cope. I have no attorney, no family and barely made any close friends since I relocated…I am failing as a parent, I fear my daughter’s future will be a shelter until the bank tenders the remainder of my equity to me post foreclosure.

Sincere appreciation,
Betrayed2007[:(]