Hi,
I have a pretty specific question.
My wife and I were married 16 years ago, have 2 children (14 and 15) and are looking to seperate and divorce. We both will want joint custody of children, which is fine.
When we got married, we both had property (with mortgages). She had a unit which she sold after the marriage and I had 2 houses which I sold after the marriage. All of the proceeds went towards ensuring we did not have a mortgage...
Her contribution as about 100,000 and mine 380,000 We have bought and sold a few times and now have a house with a mortgage.
My question is, does the pre-marital house value get treated in the same way as if we had kept the properties instead of selling them ?
I believe that if we had kept those properties, and simply had a mortgage on our home, upon divorce, we would be entitled to keep those assets... Basically removing them before the value of our post marriage pool is divided (50:50), however is that principle no longer valid if the assets are sold and invested into reducing the home mortgage ?
This worries me quite a bit as I worked hard for those properties, and it seems unjust to treat them differently just because the became liquid and were used in a financially wise manner.
Thanks
I have a pretty specific question.
My wife and I were married 16 years ago, have 2 children (14 and 15) and are looking to seperate and divorce. We both will want joint custody of children, which is fine.
When we got married, we both had property (with mortgages). She had a unit which she sold after the marriage and I had 2 houses which I sold after the marriage. All of the proceeds went towards ensuring we did not have a mortgage...
Her contribution as about 100,000 and mine 380,000 We have bought and sold a few times and now have a house with a mortgage.
My question is, does the pre-marital house value get treated in the same way as if we had kept the properties instead of selling them ?
I believe that if we had kept those properties, and simply had a mortgage on our home, upon divorce, we would be entitled to keep those assets... Basically removing them before the value of our post marriage pool is divided (50:50), however is that principle no longer valid if the assets are sold and invested into reducing the home mortgage ?
This worries me quite a bit as I worked hard for those properties, and it seems unjust to treat them differently just because the became liquid and were used in a financially wise manner.
Thanks