QUESTION
How will the value of the house be divided upon divorce?
Asked on Mar 11th, 2014 on Divorce - Florida
More details to this question:
I own a home and pay the mortgage for 17 years. When I got married I put my spouse on the title only and we pay the mortgage equally. After 4 years we want a divorce. During that 4 years the equity value on our home increases and appraised $30,000 higher than from the start of our 4 year marriage. My question is: How will the value of the home be apportioned to each party?
6 ANSWERS
Social Security Disability Attorney serving Melbourne, FL
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Law Office of Robert E. McCall
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Valuatio depends upon the Judge but probably $15K to each.
Answered on Mar 12th, 2014 at 2:13 AM
Bruce Provda
In a situation, your spouse would only get half of the equity put into the property in those 4 years of marriage.
Answered on Mar 12th, 2014 at 2:13 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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There will be an argument, she will maintain she was gifted the house, 1/2, when you put her on the title. You will argue it was for estate planning and liability purposes. I think you should win as it is only a four year marriage. The devil will be in the details. get an attorney and prepare for a fight.
Answered on Mar 12th, 2014 at 2:12 AM
Dispute Resolution Attorney serving Seattle, WA
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Law Offices of Helene Ellenbogen P.S.
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One op the questions for the court will be if putting your wife's name on the mortgage was intended as a gift to the community. Once that is determined, the equity of the house (along with everything else) must be divided fairly. The law outlines a list of considerations to determine fairness.The value at the time of the marriage matters only if the transfer of title is not construed as a gift.
Answered on Mar 12th, 2014 at 2:12 AM
Thank you for your question. The first question is, ?what was your intention when you placed your wife on the title??. The Court could presume, by your actions, that you wished to donate the home to the marital community. If that be the case, she would be entitled to a full half of the value or proceeds upon sale. If the Court finds that it was not your intention to donate the home to the community, your wife may be entitled to 1/2 of the ?increase in value during the marital years?.
Answered on Mar 12th, 2014 at 2:12 AM
Business Litigation Attorney serving Los Angeles, CA
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Gerard A. Fierro & Associates
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Most likely, you would receive reimbursement for the value of the home on the date you put him on title. The appreciation after that would be divided equally since you were joint owners at that time.
Answered on Mar 12th, 2014 at 2:12 AM