splitting assets in a divorce

[Miss Uncertain]

What is the name of your state? Wisconsin

I owned my own home for 10 years, it is currently up for sale since my husband and I got married last July. He put my name on his house. He lied to me when we got married about his financial situation (maxed out credit cards)

If we get divorced, does he get half the money if my house were to sell (his name is not on the title nor has he ever lived there or put a dime into it) before we got divorced. And am I responsible for his debt or half of it? (Maxed out credit cards?)

We have no kids so that won't be another battle!

Please help me know what to expect. Thank you very much!

 

[JETX]

"If we get divorced, does he get half the money if my house were to sell (his name is not on the title nor has he ever lived there or put a dime into it) before we got divorced."
*** No. Simply what was yours PRIOR to the marriage remains yours.

"And am I responsible for his debt or half of it? (Maxed out credit cards?)"
*** If your name is NOT on his accounts, then you have no liability for that debt.

 

[I AM ALWAYS LIABLE]

"If we get divorced, does he get half the money if my house were to sell (his name is not on the title nor has he ever lived there or put a dime into it) before we got divorced."
*** No. Simply what was yours PRIOR to the marriage remains yours.

"And am I responsible for his debt or half of it? (Maxed out credit cards?)"
*** If your name is NOT on his accounts, then you have no liability for that debt.

My response:

Not absolutely correct, JetX. Remember, WI is a community property State. It doesn't matter if his name was, or wasn't, on the titles of property, or whether she incurred the debts.

What matters is the INCREASE in value of the property AFTER the marriage - - and in a Comm. Prop. State, he get's half of that "increase" in value since the marriage. Likewise, she gets half of the debt incurred since the marriage - - regardless of whether her name is on the account(s).

IAAL

 

[JETX]

My post was in response to the question "does he get half the money if my house were to sell".
And of course the answer to that is no.

However, Wisconsin isn't a 'true' community property state. The "marital property act" defined Wisconsin as a community-property state, but individual circumstances will dictate how this act is interpreted.

In this case, I believe that Wisconsin Code §766.31(6), would apply:
"Property owned at a marriage which occurs after 12:01 a.m. on January 1, 1986, is individual property of the owning spouse if, at the marriage, both spouses are domiciled in this state."

As to the credit card debt, I believe that might also fall into a 'gray' area. The writer would have to determine if this is a communal debt within the provisions of Wisconsin statute §766.56 (Credit transactions with married persons).

 

[teejay]

i live in WI also....and i was going to write about the same topic...but now my question is, can a person fight the debt since it is not in their name and win?

 

[JETX]

Please don't hijack someone elses thread. Start your own post (and provide sufficient information) and someone will try to help.

 

[teejay]

i didn't realize i was "hijacking" someone else's question. I thought one of the rules was to read the other posts before you duplicate a question, so that's what i tried to do. what more information do you need. it was a simple question and if you don't feel like answering it then leave it for someone else thank you

 

[I AM ALWAYS LIABLE]

My response:

Then, it will be left alone. Start YOUR OWN thread!

IAAL

 

[Miss Uncertain]

Thank you for all your advice, I appreciate it!

My post was in response to the question "does he get half the money if my house were to sell".
And of course the answer to that is no.

However, Wisconsin isn't a 'true' community property state. The "marital property act" defined Wisconsin as a community-property state, but individual circumstances will dictate how this act is interpreted.

In this case, I believe that Wisconsin Code §766.31(6), would apply:
"Property owned at a marriage which occurs after 12:01 a.m. on January 1, 1986, is individual property of the owning spouse if, at the marriage, both spouses are domiciled in this state."

As to the credit card debt, I believe that might also fall into a 'gray' area. The writer would have to determine if this is a communal debt within the provisions of Wisconsin statute §766.56 (Credit transactions with married persons).