Complicated issues

Posted by: OKC

Complicated issues - 01/06/18 09:08 PM

I live in Oklahoma and my husband, for the past 20 years, just asked for a divorce. Things had been tuff but I was willing to stick it out, but he wants out. We recently bought a home and the mortgage was in my name. Due to an outrageous electric bill, we came to the conclusion solar panels were a good option. He took a loan out in his name for them. He says he will go bankrupt, so he won’t have to pay. He wants completely out. Now that there’s a divorce in play what are the possible scenarios that could play out here? I would be willing to take on the solar panels. Another kicker is he thinks he is going to get at least 10k in the divorce. We’ve had separate accounts for years. He thinks I have it but I don’t. No savings. Been a ruff few years. Gross I make more than him, but I net just a little bit more. I’ll be contacting an attorney Monday but was hoping for some clarity before then.
Posted by: MinnesotaMom

Re: Complicated issues - 01/06/18 10:12 PM

All assets and liabilities are split, including retirements, home net value, cars, etc. It doesn't matter whose name they are in. It is all marital property. What are your gross incomes? Any children under 19 years old?
Posted by: OKC

Re: Complicated issues - 01/07/18 02:26 AM

No children. He grosses about 40k and I gross about 70k but I only net about 500 a month more. He doesn’t want the house or solar. He wants money I don’t have. I can afford the property and panels, but I cannot afford to pay our debts and him.
Posted by: MinnesotaMom

Re: Complicated issues - 01/07/18 11:31 AM

What state are you from?

Do you have any idea what your individual retirement accounts are worth. Is there is equity in the home. If so, how much?

These are probably the most important questions to determine what a court will look at.
Posted by: OKC

Re: Complicated issues - 01/07/18 02:52 PM

Oklahoma. His retirement is about 4x times what mine is. No equity
Posted by: MinnesotaMom

Re: Complicated issues - 01/07/18 10:43 PM

The good news is he will owe you the 1/2 the difference in your retirement funds.

The bad news is you will most likely be ordered to pay alimony with your income difference. The courts go by gross income and affordability is not part of the equation. You would have to see an attorney as for estimating an amount and for how long. If the retirement difference is large enough, it's also possible to "trade" with him keeping those funds in lieu of alimony. It's all negotiable.
Posted by: OKC

Re: Complicated issues - 01/08/18 10:14 PM

But what about the debt? I would be taking on the mortgage and his loan. Plus it’s him divorcing me.
Posted by: matilda

Re: Complicated issues - 01/09/18 01:41 AM

The loan for the solar panels benefits you if you keep the house. A judge would likely assign that debt to you if you keep the house. Other debt would most likely be split in a percentage that the judge decides unless you can come up with a stipulated agreement. If you can agree on debts, retirement, alimony, etc. then you could have a lawyer write up the agreement to send to a judge.
Posted by: MinnesotaMom

Re: Complicated issues - 01/09/18 05:52 AM

The mortgage and the solar panel loan would be yours if you plan on keeping the home. As for him initiating divorce, with todays's no fault divorce laws, it's irrelevant to the courts. You mentioned you were going to see an attorney today. What was their assessment of your situation?