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Legal question

J

jds2006

Golden Member
If you're married to someone are you entitled to half of everything they own during marriage or only after divorcing?

Let's say a person gets $15k from tax returns, does that person's spouse have to get $7.5k?


My father refinanced our house about 5 years ago to pay off some of his losses from stock investments. I think he got ~ $100k from it. My mom, however, doesn't see that it's a loan, not free/lottery money. She thinks that because he received $100k, that he HAS to give her 50% of it (I bet she'd just waste it away by buying frivolous items at the mall :roll😉. Doesn't she realize that that money was used to pay off what he owed? And that he still has to pay the money back, that that money isn't free money? Right now she telling me that he stole HER money by not giving her 50%.
 
Umm.... they have money issues. When you're married, it's not your money and her money, all money belongs to BOTH of you.

(to clarify, I think your mom is wrong for expecting to split it 50/50)
 
I do not intend to disrespect your mom, but someone needs to sit her down and educate her on responsibility in finance.

If things got so bad financially that he needed to borrow against the home... then it is nothing more than pure irresponsibility and immaturity for anyone to even think about wanting that money for anything else.

Is she agreeing to the liability for repayment... including interest for the 50%, had she gotten it?
 
Originally posted by: jds2006
If you're married to someone are you entitled to half of everything they own during marriage or only after divorcing?

Let's say a person gets $15k from tax returns, does that person's spouse have to get $7.5k?


My father refinanced our house about 5 years ago to pay off some of his losses from stock investments. I think he got ~ $100k from it. My mom, however, doesn't see that it's a loan, not free/lottery money. She thinks that because he received $100k, that he HAS to give her 50% of it (I bet she'd just waste it away by buying frivolous items at the mall :roll😉. Doesn't she realize that that money was used to pay off what he owed? And that he still has to pay the money back, that that money isn't free money? Right now she telling me that he stole HER money by not giving her 50%.
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What did your Dad spend all the money on? If all of it went to stock market losses, then someone should explain to your Mom that 50% of those loses are hers too. If he spent the money on a brand new Porsche, then he should let her drive it once in a while.
 
Technically half of that money should belong to your mom. If the house was bought after they got married and both of them put in effort for the mortgage then when the house is sold(refinanced same thing in this case) whatever money is recovered should be split.

Tomorrow if they get devorce and sell the house they will get 100k less than they would have gotten and thus your mom was screwed out of her share since your dad took 100k and used it for himself.
 
Originally posted by: SampSon
No offence, but your mother is a fool.

She isn't entitled to any money during the marriage.
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Well, lot of people consider house as part of their retirement and by refinancing the house his dad is risking her retirement as well.
 
I agree with your mother. Damn it, everytime I cash my check from work, I put it in my wallet in my right front pocket. My left pocket deserves to be paid too! I'm getting screwed out of 50% of my salary because it isn't in my left pocket!

Oh wait, I have to back pockets. I'm only getting 25% of my true salary because I put my paycheck in my right front pocket. I deserve better. Heck, I demand better. I'm going to sue myself and become so rich once I get the remaining 75% that I legally deserve.
 
Originally posted by: Zombie
Technically half of that money should belong to your mom. If the house was bought after they got married and both of them put in effort for the mortgage then when the house is sold(refinanced same thing in this case) whatever money is recovered should be split.

Tomorrow if they get devorce and sell the house they will get 100k less than they would have gotten and thus your mom was screwed out of her share since your dad took 100k and used it for himself.
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My parents still married and are not thinking about getting a divorce.


Originally posted by: SampSon
No offence, but your mother is a fool.

She isn't entitled to any money during the marriage.
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None taken. I agree..she needs a reality check.

Originally posted by: KarenMarie

Is she agreeing to the liability for repayment... including interest for the 50%, had she gotten it?
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No, she expects my dad to pay back that money if she does get 50% of that money. She doesn't work and doesn't plan on working in the future. And no, my dad hasn't given her that 50%.
 
My wife thinks that way also!
For the past 23-24 years, she immediately takes "her half" of whatever comes in and stashes it in a safe deposit box at the bank.
Pays the bills with the rest, then save what we can in the "Cookie Jar".

We've seen a couple of really hard financial crunches due to illness, etc. over the years, but she has never ponied up over $100 at a time, and not many times at that.

I'm just waiting for Karma to get her!
 
Originally posted by: Zombie
Technically half of that money should belong to your mom. If the house was bought after they got married and both of them put in effort for the mortgage then when the house is sold(refinanced same thing in this case) whatever money is recovered should be split.

Tomorrow if they get devorce and sell the house they will get 100k less than they would have gotten and thus your mom was screwed out of her share since your dad took 100k and used it for himself.
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"Technically" I don't think there is any legal division of assets in a marriage that is still intact. Technically the money his father has invested in the stock market is hers too, so technically she did get her half. If she is not alright with him investing THEIR money in the stock market, she should make that known. He did not use the money for himself.
 
I guess technically she gets $50k and also holds $50k of the debt. Net zero. So wtf is she btching about again?
 
These kind of issues vary state to state. In my state property can be owned singly or jointly.

Who actually owns the house ? If it's owned jointly, then I believe the loan had to be joint too.


Who owned the stocks ? If your Dad held them himself, not jointly, and borrowed against the house without your Mom's acquiesence, and she jointly owns the house, then she might be able to sue your Dad.

And why do you think losing money gambling on the stock market is less frivolous than buying stuff at the mall ? At least you can sell stuff you get at the mall on Ebay.

 
Originally posted by: dullard
I agree with your mother. Damn it, everytime I cash my check from work, I put it in my wallet in my right front pocket. My left pocket deserves to be paid too! I'm getting screwed out of 50% of my salary because it isn't in my left pocket!

Oh wait, I have to back pockets. I'm only getting 25% of my true salary because I put my paycheck in my right front pocket. I deserve better. Heck, I demand better. I'm going to sue myself and become so rich once I get the remaining 75% that I legally deserve.
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What about your shirt pocket. It deserves some too.

 
Originally posted by: Tom
And why do you think losing money gambling on the stock market is less frivolous than buying stuff at the mall ? At least you can sell stuff you get at the mall on Ebay.
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Investing money = gambling and frivolous? 😕
 
Different states may look at this differently, but IIRC, during a marriage, there is no actual "community ownership" type of division of funds. She has no "legal claim" to any of the money, even though she may have a "moral claim" as a partner in the marriage. However, if they divorce, then she is entitled to 50% of anything acquired during the marriage, (and depending on the state) even 50% of what he had BEFORE they got married.
Maybe he needs to make her go to work (if she doesn't already) then demand half her paycheck every week...
I know a lot of people who divvy up the bills, and keep what's left of their individual paychecks to do with as each one pleases...
 
Originally posted by: jupiter57
My wife thinks that way also!
For the past 23-24 years, she immediately takes "her half" of whatever comes in and stashes it in a safe deposit box at the bank.
Pays the bills with the rest, then save what we can in the "Cookie Jar".

We've seen a couple of really hard financial crunches due to illness, etc. over the years, but she has never ponied up over $100 at a time, and not many times at that.

I'm just waiting for Karma to get her!
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damn that is bad.

so she takes half the paycheck and puts it in a safe deposit box in only her name?

i would be talking to a divorce attorney over that.
 
Originally posted by: jupiter57
My wife thinks that way also!
For the past 23-24 years, she immediately takes "her half" of whatever comes in and stashes it in a safe deposit box at the bank.
Pays the bills with the rest, then save what we can in the "Cookie Jar".

We've seen a couple of really hard financial crunches due to illness, etc. over the years, but she has never ponied up over $100 at a time, and not many times at that.

I'm just waiting for Karma to get her!
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That's terrible. I'm amazed that you're still married.
 
Originally posted by: Zombie
Technically half of that money should belong to your mom. If the house was bought after they got married and both of them put in effort for the mortgage then when the house is sold(refinanced same thing in this case) whatever money is recovered should be split.

Tomorrow if they get devorce and sell the house they will get 100k less than they would have gotten and thus your mom was screwed out of her share since your dad took 100k and used it for himself.
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Nope. Technically all the assets and liabilities belong to both of them equally. They're not split down the middle.
 
Originally posted by: waggy
Originally posted by: jupiter57
My wife thinks that way also!
For the past 23-24 years, she immediately takes "her half" of whatever comes in and stashes it in a safe deposit box at the bank.
Pays the bills with the rest, then save what we can in the "Cookie Jar".

We've seen a couple of really hard financial crunches due to illness, etc. over the years, but she has never ponied up over $100 at a time, and not many times at that.

I'm just waiting for Karma to get her!
Click to expand...

damn that is bad.

so she takes half the paycheck and puts it in a safe deposit box in only her name?

i would be talking to a divorce attorney over that.
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Meh,
I'm old and in bad health. Divorce is possibly looming, but that is gonna be real messy.
(Besides, I would miss my dogs!)
I would rather surprise her with the fact I have made my daughter the beneficiary of all of my Life Insurance policies. 🙂
Now, if I can only get my pension away from her!
 
Originally posted by: Zombie
Technically half of that money should belong to your mom. If the house was bought after they got married and both of them put in effort for the mortgage then when the house is sold(refinanced same thing in this case) whatever money is recovered should be split.

Tomorrow if they get devorce and sell the house they will get 100k less than they would have gotten and thus your mom was screwed out of her share since your dad took 100k and used it for himself.
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It depends what names are on the deeds to the house and the mortgage. It also depends on who the bank has on their paperwork as the borrower of the 100K for home equity.
If your situation happens tomorrow, it would depend on how much of the home equity loan is spent and who has legal rights. Also the home equity could be a line of credit and not a loan. So no, technically half of that money does not directly belong to the mother because they are married, it just doesn't work that way. Though things change in divorce proceedings. I've seen the wife get divorced, try and take over ownership of the house and find out that the husband took out thousands of dollars in equity loans on the house without her knowing. It can get tricky, but is in no way a black and white issue.

Well, lot of people consider house as part of their retirement and by refinancing the house his dad is risking her retirement as well.
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It all depends on what the money is loaned for. It can be better to pull equity out of your house to pay off unsecured debts that can get out of control quickly.
You can borrow money for most things, but not retirement.
 
Am I the only one puzzled as to why someone would need to take a loan because of stock losses? All it means is you have less money invested than you did previously. It's not as though your stocks can go negative and you have to cough up more money than you originally invested.

...unless it's margin losses. In that case, wow. $100K in margin losses. Time to leave the stock market alone.
 
Originally posted by: kranky
Am I the only one puzzled as to why someone would need to take a loan because of stock losses? All it means is you have less money invested than you did previously. It's not as though your stocks can go negative and you have to cough up more money than you originally invested.

...unless it's margin losses. In that case, wow. $100K in margin losses. Time to leave the stock market alone.
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:thumbsup: My thinking as well. Is the $100K for the stock loss or extra money pulled (after paying off the loss) so he can play some more? I don't understand your mum's thinking. You better hope you were adopted because I don't think you want either of their 'money' genes in your DNA.

 
Originally posted by: mugs
Originally posted by: Tom
And why do you think losing money gambling on the stock market is less frivolous than buying stuff at the mall ? At least you can sell stuff you get at the mall on Ebay.
Click to expand...

Investing money = gambling and frivolous? 😕
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If you have to borrow money to do it, yes.


 
Inheritance is exempt from divorce proceedings. So if your grandmother dies leaving $50k to your dad only, then your mom gets none even though they were married when he inherited it! As you stated your mom can have half the mortgage debt and monthly payments.
 
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