QUESTION
We sold our house and are now going to divorce and I assumed that I would be entitled to half the proceeds am I wrong?
Asked on Nov 04th, 2012 on Divorce - Florida
More details to this question:
My wife isn't currently working and I would be paying for as much of her and kids expenses as possible, probably half my salary. Besides house question, how do I determine how much less I can pay after she does start to get an income?
9 ANSWERS
Divorce for Men Attorney serving Nutley, NJ
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The Micklin Law Group, LLC
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The general answer to your question is yes, you would be entitled to half of the proceeds from the sale of the marital residence, absent an agreement or court order providing for a different distribution. The other part of your question I believe is how much would you have to pay in alimony and could this amount be reduced if and when your wife starts to work. You should ask your wife to stipulate as to an amount of money that she could potentially earn when she goes back into the workforce. If you cannot agree on the amount, then the court will make that determination if and when she makes an application for alimony. In other words, if she files a motion for alimony, then you should file a cross motion asking the court to impute a certain amount of income to her based on her earning history, educational background, employment background, and earning capacity.
Answered on Nov 16th, 2012 at 3:04 AM
Dennis P. Mikko
A property settlement in a divorce has to be fair and equitable. That does not always mean equal. Whether you would get one-half of the proceeds from the home sale would depend on the total assets of the marital estate. There might be some wisdom in giving her more of the proceeds from the home sale to keep a pension entirely in your name. There are other considerations to make in determining a property settlement. As for child support, it is based on the Michigan Child Support Guidelines which take into consideration the income of both parties and the number of overnights each party has with the kids. As your wife's income increases, a review of child support would result in a decrease in the amount you would have to pay.
Answered on Nov 09th, 2012 at 5:55 AM
Generally speaking, the entire marital estate is divided in half in a divorce action house, bank accounts, retirement, savings, investments, furniture, vehicles, household, appliances, as well as debts everything accumulated during the marriage. Child support is a separate matter and is controlled by the MI Child Support Formula, which takes into account both parties' incomes, child care costs, medical insurance expense, uninsured medical costs, and number of overnights kids are with each parent. Support can be reviewed every couple of years or when there is a significant change in circumstances (raises, new job, etc.).
Answered on Nov 08th, 2012 at 4:39 AM
If the house is community then the proceeds should be divided in half. You should consult a family law attorney or facilitator to go over your income numbers and run the figures for you to estimate what the court would order in child and spousal support.
Answered on Nov 08th, 2012 at 3:06 AM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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You need to see an attorney. The house proceeds may be half each but various laws can change that. An attorney can give you an idea of what may happen with support if she starts working but she's not there yet.
Answered on Nov 06th, 2012 at 11:35 PM
Family Law Attorney serving West Bloomfield, MI
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Law Offices of Eugene Lumberg and Eric S. Lumberg
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A divorce proceeding will make an equitable division of the marital estate. Support for minor children and your ex spouse will factor into how this is resolved. You should consult with an attorney to discuss your expectations and to proceed properly.
Answered on Nov 06th, 2012 at 11:25 PM
Glen Edward Ashman
In this situation you obviously have to have a lawyer. Since you didn't say what state you are in, there is no way to know what state law applies to you, but you are facing major problems without counsel.
Answered on Nov 06th, 2012 at 11:21 PM
Probate Law Attorney serving Colorado Springs, CO
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John E. Kirchner
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The question of who is entitled to the house sale proceeds and how much depends in part on whether those funds even still exist. If they do, those funds would simply be part of the total marital estate and will be fairly divided as part of that total estate. Dividing up the marital property fairly does not mean exactly 50/50 and does not apply to each individual item or asset - it applies to the overall end result.
Answered on Nov 06th, 2012 at 10:30 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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You need to get an attorney. The attorney will review the financial circumstances and learn the issues and advice you appropriately.
Answered on Nov 06th, 2012 at 7:05 PM