Division of assets

[wildhorses420]

Does anyone know how a home equity loan affect the division of assets? I'm in the middle of a divorce, I've been told I get half of what the house is worth. My husband hid all info about finances from me during our marriage. Does a home equity loan affect the division and how so? Also...he has a retirement fund listing his brother as beneficiary before we ever got together. He never bothered to switch beneficiary to me..what happens with that? He is assuming all responsibility for debt since he's the one who created the debt

[Oliviasmom72]

As ar as the house you probably get half the equity...not the value. How much equity is in the house? How much is the loan for? Are you in a community property state? As far as the retirement acct, you might get half of what the increased value is since he got married but he can also go after yours.

[wildhorses420]

As far as I know the equity is 90,000. I have no idea how much the loan is for. He hid a lot from me. I was a sahm for his kids...even when he showed me the finances, he hid most of the truth from me. I only saw what he wanted me to see. It's all coming out now. I'm not sure what a community property state is. I am in MA. All I want is to be able to get back on my feet. That's going to take awhile so I just want to be okay until I can rebuild my life. I gave up everything to raise his kids (and mine)

[LifeCafe42]

bump no clue maybe talk to a lawyer they should have a better idea

[Oliviasmom72]

MA is not a community property state. It is separate property. You really need to see an attorney. A lot may depend on how long you were married for.

http://www.divorcenet.com/resources/divorce/marital-property-division/massachusetts-divorce-dividing

[Mommyto2LilMen]

I'm not sure. Here is a bump!! Good luck!!

[Robsessed98]

There's a lot of factors and it can seem complicating. Your attorney will get all financial docs from his attorney and explain it all to you.

[easinpc]

I'm not sure but here's a bump for you!

[wildhorses420]

thank you for this i will check it out :)

Quoting Oliviasmom72:

MA is not a community property state. It is separate property. You really need to see an attorney. A lot may depend on how long you were married for.

http://www.divorcenet.com/resources/divorce/marital-property-division/massachusetts-divorce-dividing

[tottaxi]

Oliviasmom72 has given you good information.  And you do need an attorney and possibly even a forensic accountant.

A home equity loan would diminish the equity of the house and if the house were to be sold would have to be paid before the seller saw any equity.

His retirement account...you would be entitled to half of the portion that was contributed during the marriage plus the interest on that amount.  Beneficiaries only come into play upon death.

You definitely need an attorney.

[Oliviasmom72]

But the retirement acct was before they got married so in a separate property state sounds like nothing is guaranteed. I am in AZ and we are community property. Me and my STBX did mediation and walked away with our own retirement. It's easy to divorce out here but I understand MA is more complicated.