April 1983: Gary as a single man purchasedXXXXX for $116,500; w/ 20% down or $23,300 equity.
March 14,1990: Gary marries Mary, Gary works out of the home, and Mary works as homemaker.
Sept. 23, 1990: Brian is born.
May 28, 1992: Scott is born.
1996: Bought two rentals (homes “A” and “B”) in Utah at ~$140k each w/ 20% down is ~2X28k=$56k equity.
Sept. 2000: Mary starts working out of the home.
July 2002: Gary stops working.
August 2003: Invested $25.5k into Molecular Imprints Series “A” at 65cents/share for 39,231 shares.
August 2004: Invested $100k into Molecular Imprints Series “B” at $1.50/share for 66,667 shares.
March 2005: Sold rental home “A” for ~$178k netting ~$75k cash.
June 2007: Sold rental “B” for $272,500 netting $185,716 cash.
January 2008: Mary, Brian (age 17) and Scott (age 16) move to a separate accommodation.
Sept. 2009: Brian starts college.
Sept 2010: Scott starts college.
July 2013: Gary is about to sell Arcadian St.; both Gary and Mary are on title as joint tenants.
Mary received no proceeds from sale of rentals “A” and “B”. She made substantial contribution the household finances from Sept. 2000 – January 2008. Mary assumed sole financial responsibility for herself and the Boys from January 2008 through their HS years, into college and up to the present time.
Mary and Gary continue to be legally married as of today. As of today, joint assets are limited to equity in Arcadian St. and 105,898 shares of Molecular Imprints stock. No liquidation opportunity exists for this stock as of today.
Arcadian St. is soon to sell for ~$720k with a mortgage payoff of ~220k and an estimated tax basis of ~$135k. Gary wants $123,500 (his assessment of the home equity before marriage
) off the top of the proceeds and then split the rest 50/50.
1) Does Mary have any claim to the pre-marriage equity?
2) Does Mary have any claim to the proceeds from the sale of rentals “A” and “B”?
3) Does Mary have any claim to child support
from Gary for her sole financial support (January 2008 through their HS years, into college and up to the present time)?
4) Does Mary have to divorce
Gary to force her 50% ownership of the stock?