Q: How does equity in a home to pay partners, credit cards and bill affect the divorce settlement? 41 years marriage
A: In a 41-year marriage, the division of assets, including home equity, can be intricate in a divorce settlement. The impact of using equity to pay partners, credit cards, and bills hinges on factors like jurisdiction laws, debt origin, and financial circumstances. Considerations encompass property type (marital/separate), state distribution principles (equitable/community property), debt responsibility, contributions, needs, negotiation feasibility, and retirement planning.
A: I would urge you to hire an attorney to represent you in a divorce proceeding. First it has to be determined who is going to be awarded the marital residence or if the marital residence is going to be sold. Then you can determine how the equity is going to be distributed. If the marital residence is going to be awarded to one spouse then they can be ordered to pay the other spouse in equity for their share of the home. But your attorney can speak with you more about this if you decide to settle.
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