QUESTION
does an increase in the value of a property considered in the division of assets during a divorce?
Asked on Mar 26th, 2013 on Divorce - Michigan
More details to this question:
If an inherited property goes up in value during a marriage and there is a divorce, is the increase in value of the property considered in the division of assets?
7 ANSWERS
John Arthur Smitten
Under this fact pattern enhancement in value by market forces alone is not a marital asset.
Answered on Mar 27th, 2013 at 3:36 PM
Inherited property is the separate property of the person who inherited it and is normally not subject to the division of assets. If the community has contributed to that property and the property is now a mixed asset, both separate and community, there are a number of ways to determine how it should be valued. You should consult a family law attorney to review all of the facts and advise you.
Answered on Mar 27th, 2013 at 12:05 PM
Inherited property, property owned before marriage and gifts to one of the spouses are categories of separate (nonmarital) property. Interest and dividends earned on separate property during the marriage are marital property. Increases in value of separate property during the marriage are not considered marital.
Answered on Mar 27th, 2013 at 10:33 AM
Divorce Attorney serving Frisco, TX
at
Mackoy, Hernandez, Jones and Woods LLP
Update Your Profile
The inherited property is separate property and cannot be awarded to the other party. However, the value of separate property can be considered when dividing the community property. I suggest you hire a lawyer.
Answered on Mar 27th, 2013 at 10:33 AM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
Usually not if the property is not considered a marital asset.
Answered on Mar 27th, 2013 at 10:33 AM
Divorce/Family Law Attorney serving Carlsbad, CA
at
Anne B. Howard, A Professional Law Corporation
Update Your Profile
Not unless the community paid something towards the property like the mortgage or improvements.
Answered on Mar 27th, 2013 at 10:32 AM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Depends on the details, engage counsel.
Answered on Mar 27th, 2013 at 10:25 AM