Re:spliting assets (1 viewing) (1) Guest
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TOPIC: Re:spliting assets
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Henkel (User)
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Posts: 14
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spliting assets 3 Months, 1 Week ago
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couple was married for 4 years. Wife contributed down payment to house. In today's market the down payment/equity has vanished. Can she get reimbursed for her down payment out of marital property.
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Sumo (User)
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Posts: 169
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Re:spliting assets 3 Months, 1 Week ago
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That's really kind of a factual question I think. She contributed the down payment in a home they both lived in and received a benefit from, then through no fault of either spouse the equity in the home is gone due to economic concerns, I don't believe she will get it back and if the living situtation was amicable, then they are going to have close to an even split of assets.
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smarx08 (User)
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Re:spliting assets 3 Months ago
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In Illinois if the down payment equity has vanished due to decreased home value then that asset gas vanished and is no longer marital property. Same as if the money was used to buy stock and they later became worthless. This was an issue in my cousin's divorce that's how I know.
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OnTheGo (User)
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Re:spliting assets 3 Months ago
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What you may want to consider was how much were actually cash out of pocket losses versus losses on paper, they may make a difference. But, have the paper work ready in advance ot back up any proposals you make.
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steve (User)
Moderator
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Re:spliting assets 2 Months ago
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I believe in equitable distribution states like MI, the down payment vanishes and the contributing spouse is SOL.
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Henkel (User)
Fresh Boarder
Posts: 14
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Re:spliting assets 1 Month, 1 Week ago
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I wanted to thank everyone for their posts. I appreciate it.
Under GA law, if the asset vanishes, then there is no recover for reimbursement. So, my follow up question is: What about money used to pay for the spouse's education? No degree was earned, just classes taken.
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