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Divorce house equity

I am presently going through divorce proceedings, pre trial.
We purchased a home last year.
There is $307,000 equity with a mortage of $146,000
The equity came from my savings and business sales over the years,my wife
contributed nothing financially
We are married 17 years with 3 children under 18 yrs.
My wife did stay at home and looked after the house and all other issues.
Now her lawyer has suggested that I receive 50% of the equity and return $30,000 to
our kids college funds.
However I am not living in the marital home, and obviously I would like to
purchase a nice small apartment in the greater Boston MA .area.
I am not dure I am getting the fairest deal
Any comments would be greatly appreciated.

Danny

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Submitted Tue, 04/18/2017 - 11:29

You really need to call an attorney. When it comes to divorce all property, no matter how acquired or who holds title, is part of the marital estate and subject to division. Massachusetts is an equitable not equal division state, but a 50/50% split is still what will be the starting point unless you can show cause why not. The fact that your wife stayed home and looked after the kids while you worked means that her non-financial contributions will be considered. There is no requirement that she put assets in in order to get property out. From what you have suggested, this seems like a normal and reasonable division of property. However, the only way you can make sure you get a fair shake is to hire an attorney to go over the factors involved in property division. The law lays out a bunch of factors that MUST be considered (https://malegislature.gov/Laws/GeneralLaws/PartII/TitleIII/Chapter208/Se...) unless the parties come to an agreement the court finds fair. Only an experienced divorce attorney can advise you on specific facts whether you have an argument to more equity or not.

Atty. David Owens



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