
Quoting
BigDoug
My question involves a marriage in the state of: MI, though we were married in a different state.
Hello everyone. After five years of ups and downs, my wife and I are likely getting a divorce. There is no known infidelity, just a general break down of the marriage relationship. I am trying to learn a bit about the process and who is entitled to what, to see if we can reach agreements BEFORE hiring an attorney, though that will be a step a bit further down the road. I want to keep the process as amicable as possible, but I do want to protect what I am entitled to, though also honor what she is entitled to. I would appreciate any advice you can offer.
The House: 2009, Prior to our marriage, I purchased a house for a sale price of $140,000. After the down payment, points, fees, etc, my loan amount was $112,000. This is just me so far. We met about 6 months later, she moved in 6 months or so after that. I continued to make payments throughout this time. We got married in 2012, and about 7 months later, 2013, we refinanced the house for a lower monthly payment. The refinance was in both of our names. The loan amount for the refinance, after fees, etc was $104,000. Today, 2017, we owe about $94,000. While this is somewhat complicated and will likely need to be reviewed by an attorney, are there any general pointers as far as how the house or its equity should be divided? I made a significant investment to the home equity prior to our marriage, and I want to protect that, but I also know that she is entitled to something as we were married for five years with combined incomes, I just have no idea how much. For the record, I do not know the exact value of the home at this time, but I expect it to be between $130k and $170k (comparing to similar homes, not an actual appraisal).