We own two properties, in two different counties and each of us bought it without the use of the others credit, however, but we had to sign something in the real estate transaction. He uses my condo during the week for work and I live in the one she bought. I understand the marital 50/50 rule after the divorce, but as it stands his income is significance more than mine.
There is no children, two dogs, but luckily no kids.
First question is during the separation my income is not sufficient enough to cover the mortgage and everything else necessary without moving out into some inexpensive apartment, and then my income could not sustain covering both mortgage and a rent payment. Can he be required to pay the difference until the property is sold?
Second Question, re: retirement accounts, we both have one, again his is larger than mine is and I even have a loan against mine, how does this get resolved, is all assets tallied then divided equally?
Lastly, what about accounts/property held over seas, where he inherited paid for property recently in Europe?
Thank You
ML
This might be the wrong place to ask but how does your firm base it’s charge for what I hope to be a simple separation/divorce? He knows I am unhappy in the marriage, it’s been discussed but I doubt he understands just how unhappy I am and the steps I’ve already taken to end the relationship.
(1) Your husband may be required to pay you a sum each month to help you with living expenses. This would be true if you are the dependent spouse (the spouse that is actually and substantially dependent on the other spouse for their maintenance and support) and he is the supporting spouse. The sum required to be paid, if you are the dependent spouse and he is the supporting spouse, would be sufficient to help you maintain the standard of living that you grew accustomed to during the marriage.
(2) All marital assets and debts must be divided equitably. It is possible that if one spouse ends up having more net value of marital assets distributed to them than the other spouse, the spouse with the larger net value may have to pay a distributive award to the other spouse in order to “equalize” the distribution of the net value of marital assets and debts. This can also be done by dividing retirement accounts, which can be transferred from one spouse to another without the tax penalties.
(3) Accounts and property in other countries are still treated the same for purposes of equitable distribution (property division). However, if your husband inherited property in another country, that property is classified as his separate property to which you would have no claim to.
(4) Rosen Law Firm uses flat fees (not hourly fees) for each divorce case. Feel free to call us at (919) 787-6668 to schedule an initial consultation with one of our attorneys.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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