Property division


#1

Dear getoverit:

Greetings. Let’s answer below:

  1. Yes, you are entitled to half of the marital portion of your spouse’s retirement accounts.

  2. What did he do with the proceeds?

  3. Yes. You include income from all sources during the marriage.

  4. No, that is separate.

Thank you.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

ROSENDIVORCE.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.


#2

Thank you so much for answering my questions! If I could follow up:

  1. He told me I wasn’t entitled to his retirement accumulated during the marital period because we were married for barely 4 years. So, he was mistaken on this? How should his retirement during this period be calculated?

  2. I believe he deposited the proceeds into his bank account. He counted the down payment as his pre-marital property, and agreed to split the difference between the down payment and the money he got from selling the house. Is this the right way of doing it?

Thanks again for addressing my concerns!


#3

Dear getoverit:

Greetings again.

  1. Yes, he was mistaken on this (or he may just be lying). The plan administrator calculates the amount as laid out in the order that divides the retirement account. You will more than likely need an attorney to get your share.

2)There is a marital portion of this and you need the amorization schedule to figure that out. Thank you.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

ROSENDIVORCE.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.


#4

Thank you, Janet!

I’ll see if I can get him to agee with me on the first issue. (Things are starting to get trickier. And I feel I don’t know this guy after all.)

The second sounds quite complex. How exactly does it work? Could you please walk me through the calculation with an example?

Thank you very much for the continuous help!


#5

Dear getoverit:

Greetings. Each situation is different. Let me tell you what you need to get and then you can figure it out:

  1. An amortization schedule (this allows you to see how much of each payment is interest and how much is principal).
  2. Once you know how much principal was paid, add up all the months of principal only

That should help you out. Thank you.

Janet L. Fritts
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

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.


#6

Dear Janet,

Thank you for explaining!

Once I find out how much principal was paid during our marriage, what do I do next? And what do I do with the diffence between his down payment and the money he got from selling the house?


#7

Dear getoverit:

Greetings. Once you have the principal paid, then you add it all up together and that is the majority of marital equity in the marital residence. His downpayment should be separate, unless he placed the property in joint names. Thank you.

Janet L. Fritts
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

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.


#8

Hi Janet,

I’ve just got a new question related to the house my ex purchased right before our marriage.

He purchased the house insurance right before our marriage as well. Now, he wants to add that amount money to his pre-martial property. Is that a fair way of doing things? Or should the insurance simply be considered as other kinds of pre-marital expenses that we should be respectively responsible for?

Thank you very much for advising.


#9

Dear getoverit:

No, the insurance should not be added in as an asset, it was just an expense. Thanks

Janet L. Fritts
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

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.


#10

Hi,

I’ve just separated from my ex. We were married for almost 4 years. I’m still trying to figure out how to divide our property. I have several questions and hope people who have gone through similar situations could help me out.

  1. Am I entitled to a portion of his company retirements after being married for nearly 4 years?
  2. He purchased a house right before we got married in 2001. The house was sold in 2003. How should this part of property be valued and distributed? I have the same question regarding a car he purchased before our marriage and has kept until now.
  3. Should we include my honorarium (money paid for my talks for which I didn’t pay tax, but the schools that invitied me did) in marital property?
  4. My parents gave me some gift money after my marriage, which I deposited in my personal bank account. Should this be counted as marital property?

Thank you very much for addressing my questions.