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  Posted to group - Money matters    <<Previous    Next>>

what am I really entitled to?

I am going through a divorce after being married for 4 years in PA. The separation was my idea, but now my wife is the one that wants a divorce, quickly.She makes a lot more money than me, and has quite a bit in assets that she inherited after we were married. We own a home, and have about a hundred thousand in equity.My proposal to her was to split half the equity in the house,  minus my percentage of what it will cost in RE fees to sell the home when the time comes. She does not want to sell the house, and is in the position to buy me out. When we originally talked about it, she only offered a very small amount  of the equity, since part of the down payment came from her inheritance
She is meeting with an attorney to discuss my offer to her of half the house. So, my questions are as follows. Do I legally have right to the finances she inherited?  Am I justified in asking for half of the house equity? Is there any reason why an attorney would tell her to not take my offer of half the house, leaving her assets in tact?  Any advice you can offer would be appreciated. I certainly don't want anything that's not mine, but don't want to get taken advantage of either. 

by pahelp    1 Post   
Posted on 5/5/2008 4:20 PM    
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Answers for "what am I really entitled to?"  (1) (You must be logged in to answer)




ok, normally, inheritance is something a spouse can't touch - HOWEVER - she comingled it with marital property, making that money joint property. That being said...

Because Pennsylvania is an equitable distribution state and not a community property state, courts divide marital assets and debts based upon principles of equity, or in other words as it thinks is fair. This division of assets and debts does not necessarily mean that they will be divided on an equal basis. So your offer of splitting half, will probably be objected to.
 

Under Pennsylvania equitable distribution laws, courts consider a variety of factors and need not weigh the factors equally. This permits more flexibility and more attention to the financial situation of both spouses after the divorce. However, it also makes the resolution of property issues less predictable.

Some of the factors that the court considers in equitable distribution include: the length of the marriage, whether either party had previously been married; whether either party has significant non-marital assets including assets excluded by a prenuptial agreement, the age, health, and income of the parties; whether either party contributed to the increased earning potential of the other; the standard of living of the parties during the marriage; the tax consequences of any award and whether either party will be serving as the custodian of any minor children. Fault in causing the end of the marriage is not a consideration in the equitable distribution process.

So, long story short, there is no easy answer to your question - do you deserve half, probably, would it be what is awarded to you if it went to trial - couldn't say, there are far too many factors to consider.

 

consult an attorney in your area..

 

 

I'm a family law attorney

by spaznskitz   2500 Posts
Posted on 5/6/2008 3:14 AM
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