Q: My wife now wants a divorce.
My wife wants to buy me out of a fully paid house. I tolled her that I will refuse and leave it up to the judge. Now also I have a monthly annuity plan where I get 700 a month and I can actually cash it out anytime or divide it in some fashion. Thus was wondering if the a judge might consider the two item as a package thus the Annuity would not necessary be divider in half. My wife is under the assumption that there are two different items. Thus the annuity must be divided in half. I would prefer to hold on to the fully paid house. I would give her 1/2 of the sales value of the house from the annuity which can be cashed in anytime.
A:
The annuity and house can be treated as separate items or as a single item. It depends on the mathematics of the situation. What often happens is an offset -- meaning that the dollar value of the assets each party receives works out to be identical and no assets need to be sold. For example, let's say the wife's share of the house is $300K. The house can be sold and the money divided and the wife will get her $300K. However, all the wife is entitled to is $300K -- she isn't technically entitled to the house. If you want to keep the house, you have to give the wife $300K to buy out her share. if the annuity just happens to be worth $300K, you can give her that.
This depends a lot on the judge and the situation. Because it is a house, the judge may not go for it if it means the wife will become homeless.
Andy
1 user found this answer helpful
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