Second marriage finances

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We don't commingle any accounts and never will.

We each own a home we bought before we were married.

Wills haven't changed (all to my kids) but I did put him as the beneficiary to one of my savings.

Except if you divorce, it won’t matter if you kept separate accounts. Wealth accrued during the marriage is marital property. Hope you have a signed prenup that says otherwise.

This is a lie that stayed at her mom’s tell themselves. It’s not true. It’s also a huge surprise to them when their lawyer explains this to them during the divorce proceedings.

Not a lie.

Enjoy the delusion while it lasts.

A friend of mine is getting divorced now. No prenup. Her STBX will get 7% of the value growth in her premarital assets - two homes and a pension. All for 2 years if marriage. State VA.

File that under things that never happened.

There are calculators online people can check for themselves.

[Anonymous]

Anonymous wrote:It’s usually 50/50 marital unless there is something unusual. The premarital split is surprising if true and for only 2 years? How to protect that?

Well they are lying but you don’t commingle assets.

In Virginia, the increase in value of premarital assets is generally considered separate property, unless the increase is due to marital property or the personal efforts of either spouse. However, a court may classify property as a hybrid of marital and separate if certain conditions are met:
The spouse who didn't own the property can show that its value increased significantly during the marriage
The owner spouse made significant personal efforts to improve the property
The owner spouse can show that something other than their efforts caused the increase in value
For example, if one spouse inherits money and puts it into a joint brokerage account, the money in that account becomes hybrid property.
Premarital retirement assets, like IRAs and 401(k)s, are usually exempt from equitable distribution during a divorce. However, if you contributed to a retirement account during your marriage, the court may consider those contributions to be marital property

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s usually 50/50 marital unless there is something unusual. The premarital split is surprising if true and for only 2 years? How to protect that?

Well they are lying but you don’t commingle assets.

In Virginia, the increase in value of premarital assets is generally considered separate property, unless the increase is due to marital property or the personal efforts of either spouse. However, a court may classify property as a hybrid of marital and separate if certain conditions are met:
The spouse who didn't own the property can show that its value increased significantly during the marriage
The owner spouse made significant personal efforts to improve the property
The owner spouse can show that something other than their efforts caused the increase in value
For example, if one spouse inherits money and puts it into a joint brokerage account, the money in that account becomes hybrid property.
Premarital retirement assets, like IRAs and 401(k)s, are usually exempt from equitable distribution during a divorce. However, if you contributed to a retirement account during your marriage, the court may consider those contributions to be marital property

Of course the value of homes increased during marriage. Of course there were updates to rentals made, out of rental income. But it didn’t matter - they said it’s hybrid
The story is 100% true

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s usually 50/50 marital unless there is something unusual. The premarital split is surprising if true and for only 2 years? How to protect that?

Well they are lying but you don’t commingle assets.

In Virginia, the increase in value of premarital assets is generally considered separate property, unless the increase is due to marital property or the personal efforts of either spouse. However, a court may classify property as a hybrid of marital and separate if certain conditions are met:
The spouse who didn't own the property can show that its value increased significantly during the marriage
The owner spouse made significant personal efforts to improve the property
The owner spouse can show that something other than their efforts caused the increase in value
For example, if one spouse inherits money and puts it into a joint brokerage account, the money in that account becomes hybrid property.
Premarital retirement assets, like IRAs and 401(k)s, are usually exempt from equitable distribution during a divorce. However, if you contributed to a retirement account during your marriage, the court may consider those contributions to be marital property

Of course the value of homes increased during marriage. Of course there were updates to rentals made, out of rental income. But it didn’t matter - they said it’s hybrid
The story is 100% true

Obviously, the pension contributions during marriage continued and are also split/7% of pension deemed marital for only 2 years of marriage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s usually 50/50 marital unless there is something unusual. The premarital split is surprising if true and for only 2 years? How to protect that?

Well they are lying but you don’t commingle assets.

In Virginia, the increase in value of premarital assets is generally considered separate property, unless the increase is due to marital property or the personal efforts of either spouse. However, a court may classify property as a hybrid of marital and separate if certain conditions are met:
The spouse who didn't own the property can show that its value increased significantly during the marriage
The owner spouse made significant personal efforts to improve the property
The owner spouse can show that something other than their efforts caused the increase in value
For example, if one spouse inherits money and puts it into a joint brokerage account, the money in that account becomes hybrid property.
Premarital retirement assets, like IRAs and 401(k)s, are usually exempt from equitable distribution during a divorce. However, if you contributed to a retirement account during your marriage, the court may consider those contributions to be marital property

Now that you say all that, it makes sense to be considered hybrid if joint funds during marriage were used to pay down a mortgage on a premarital property.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We don't commingle any accounts and never will.

We each own a home we bought before we were married.

Wills haven't changed (all to my kids) but I did put him as the beneficiary to one of my savings.

Except if you divorce, it won’t matter if you kept separate accounts. Wealth accrued during the marriage is marital property. Hope you have a signed prenup that says otherwise.

This is a lie that stayed at her mom’s tell themselves. It’s not true. It’s also a huge surprise to them when their lawyer explains this to them during the divorce proceedings.

I am the PP. No, this is accurate. I divorced an attorney. I am an equal earner. Everything earned during the marriage is marital property. Premarital property is yours but once you get married, any earnings or growth in assets is joint property. It is why I (a woman) will never remarry. I will never share .50 on the dollar with a man ever again—that is what would happen with my earnings and retirement contributions from the date is the marriage onward.

[Anonymous]

What is crazy in VA is that the divorcing spouse would get that money even if he didn't work and earn money during those 2 years.