Use SplitFairy to Create an Unequal Property Split
The SplitFairy tool was designed to easily create equal 50/50 property splits in a divorce. But what happens if you live in a non-community property state? These are known as “equitable distribution” states, which are the majority of states.
If you and your spouse have agreed to a non-equal split, such as 60/40 or 30/70, we can help.
At the moment, the tool won’t let you easily set the percentage each spouse gets. But, you can still achieve it pretty simply.
Instructions for non-equal splits
- Add your properties and debts, either directly in SplitFairy, or through the Property and Debt divorce tab.
- Get the total of your assets, less your debts.
- Either simply add them up, or …
- Click Maximize to get a 50/50 split, but really to just add up the items. In the image above, both You and Spouse get a net $111,800, or a total of $223,600.
- Need to create a “fake asset” that will act as a balancing item.
- If the unequal property split you want is 60/40, with you getting 60%, you need to create a “fake asset” that represents 60-40=20% of the total. In this case, 20%*$223,600 is $44,720. This is really just the difference between what you will get, and what your spouse will get in the divorce.
- Add an asset in SplitFairy. Make it Cash (for simplicity), with a value of $44,720.
- Assign it to the spouse who gets less than 50%. In this example, it is your spouse.
- Assign the other assets or debts to one spouse or the other, as you want. You do not need to assign them all. SplitFairy will help balance the two spouses automatically. Just assign those that one spouse has indicated they want.
- Click MAXIMIZE
- You will see a 50/50 Split, but with the Fake Cash item assigned to the spouse getting less than 50%.
- The Split looks equal, with each spouse getting $134,160. Your amount is $134,160 / $223,600 (original total assets less debts) = 60%.
- Your spouse is getting $134,160 less the Fake Cash item of $44,720, for a net total of $89,440, or 40%.
If you need help, click the blue question mark on every page on the SquareFairy.com website, and ask your question.
If you want this to be simpler, let us know, and we’ll try to add the feature soon.