QUESTION
Is there any reason why the split would not be 50/50?
Asked on Jul 05th, 2015 on Divorce - Oregon
More details to this question:
My husband and I have been married for 35 years. When we purchased our house, a large portion of the down came from his 401K (established with during the marriage). Does this have any effect on the spilt of any proceeds from the sale? I have worked our entire marriage and financially contributed.
1 ANSWER
On those facts, the court would very likely determine that the family residence is marital property and that the parties should split all of the costs and proceeds of the sale. On a related point, you might want to talk to a tax accountant about possible tax consequences of the sale. Under some circumstances you might have a tax liability on your portion of the sale proceeds if you do not use those proceeds for the purchase of another residence. I don't think that would happen, but you should inquire about that before the sale goes forward.
Answered on Jul 10th, 2015 at 7:06 PM