More details to this question:
My husband and I own a home on 4 acres together. He bought the home 5 years before we met and has had the home for 17 years. I have been in the home for 12 of those 17 years. My name is on the mortgage due to the fact that we recently refinanced. The appraisal came in at $161,000 and we refinanced $65,000. We have made multiple improvements during the past 12 years. I recently found out that he is cheating on me and I don't want to continue the marriage. He is under the assumption that I need to leave the house because it is his. Am I entitled to 50/50 even though he had it for 5 years longer?
6 ANSWERS
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Probably. You need to talk with a local attorney about the issues.
Answered on Dec 06th, 2013 at 5:42 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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The fact that the home was refinanced, is now in your name (has to be to have the mortgage in your name), that you have made numerous improvements to the home during the marriage with marital funds and the longevity of the marriage most likely means that it is now marital property and the equity is subject to being split in a divorce. So yes he can probably keep the home but he may owe you $48K for your half of the equity in the home. Plus you need to insist he refinance it again to remove your name from the mortgage. There might be some room to argue that he should first get equity he had in the home prior to marriage if any (how much did he put down on the house when he bought it).
Answered on Dec 05th, 2013 at 9:01 PM
Medical Malpractice Attorney serving Clermont, FL
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Joanna Mitchell & Associates, P.A.
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If you are in Florida and your name is on the deed and the mortgage, then most likely you are entitled to half of the value of the property, as well as anything else that was acquired during the marriage (bank accounts, 401k's, brokerage accounts, tools and machinery, etc.), You should consult with an attorney.
Answered on Dec 05th, 2013 at 8:59 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You are entitled to some of the equity, perhaps 50%, maybe more but more probably less. See an attorney with the details and for assistance.
Answered on Dec 05th, 2013 at 8:19 PM
You may not be entitled to 50/50, but you may be entitled to 1/2 the value of any improvements and 1/2 the increase in the value during the period of your marriage. Be careful on your evaluation. Have you considered Mediation? Mediation is Fast, Effective and Affordable, but both of you will have to agree in order to proceed with a mediation.
Answered on Dec 05th, 2013 at 8:19 PM
Bruce Provda
It probably would not be 50/50 for the whole value of the house, but you would be entitled to some of the equity for the years that you paid on the mortgage and for any repairs or improvements done during the course of your marriage.
Answered on Dec 05th, 2013 at 8:13 PM