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John m | What Law controls the sale of property when one partner has left the matimonial home an the price of the house |
I am having to sell my house because of Divorce, someone told me if the price of the sale is greater than that value of the day that the partner left the matrimonial home, and that they have not contributed to the mortgage payments ect, that they are only entitled to half of the equity from the previous day. I this true? |
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Scott D
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What you are talking about is the date of filing for a divorce.
On that day, it CAN be argued through the courts that all shared assets became frozen, and any future assets whole owned by each.
HOWEVER, a marital home IS and almost always will be a shared marital asset. There are special circumstances that allow one party to have the home outright, like sole title and mortgage. Most times, however, it is a split asset.
That means that any equity and proceeds that come from the home are shared.
From the day of filing, you can then do numbers on sole ownership. It can get VERY messy, as you have to prove that the house was worth only tis much on that day, and that the extra monies are therefore yours.
In most cases this will only work over a period of years. That is, if you are talking less than a year, then you will have a VERY hard time getting a judge to approve it. If it was like 5 years, then you should be able to build a case.
Good luck. |
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Alterfemego
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you need to consult with an attorney for sound advise. |
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ZinaRae
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This should all be spelled out in the divorce. Check with your divorce attorney. |
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newmexicorealestateforms
 |
If you live in any of these states: Arizona, Alaska, California, Idaho, New Mexico, Lousisiana, Washington, Nevada, Texas or Wisconsin and the property in question was acquired during the marriage, then each spouse has a community property interest equal to 50% of the value and of the debt on the property. Regardless of whose name is on or not on the deed. A spouse would not have a community property interest if the property was acquired by the other spouse through inheritance or in most circumstances prior to marriage.
If you do not live in those states the claim to the property values will rise from the need to satisfy any claims made by the spouse arising out of child support, alimony etc.
Best of luck to you |
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Helen C
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that's quite a complicated question. You need to ask your divorce lawyer for a sensible and correct answer. It depends on many factors, not least the court order concerning the division of your assets. |
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goz1111
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equitable distribution is the term and each state is different but general half during the marriage |
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Gem
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Totally up to interpretation by the judge.
And from experience you will pay your lawyer MORE money to fight for the difference than if you just buck it up and split the proceeds from the sale. The only people that "win" in a divorce are the LAWYERS.
As home values are dropping all across the country, you will probably be fine. Worst case scenario is you fight for the few extra bucks and your spouses lawyer is able to prove the house was worth more when he left than it is now. With some of the more dramatic drops in value, this could happen.
Good luck, divorce sucks. Just realize every fight you have over pennies makes your lawyer (and your soon to be ex's lawyer) richer and the marital estate poorer. |
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Credit Expert
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There is not a law. What you have agreed to in the property settlement is to sell the house, and divide the equity equally. The fact that they own 50% interest in the house entitles them to half equity. The fact that they made no payments is not relavent.
If it was not spelled out in the property settlement that the pre equity is what is to be paid to the other party then what ever expenses you incurr after the fact, you just eat.
You may keep the house if you want to buy out the other parties' equity by doing a refi w/cash out. Just have the other party sign a quit claim deed. |
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Su John
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I would go to a solicitor. They are your best bet and will give you sound advice. Sorry about the divorce. Hope you sort it out. |
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heathandnick
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Not true. I suggest you speak to a solicitor that deals with divorce and knows about the Matramonial Causes Act |
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jjjjjjjjj
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No. Property and everything related to it is to be divided according to any divorce settlement, as until it is divided then it is part of the marriage and not that of the individuals of the divorce. If the settlement for the house in particular requires that monies from the sale of it be divided equally, then that is what must be done no matter what price is gotten for it. |
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Christine
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That is a State Law issue so it really depends on what State you are in |
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jackie m
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doesn't matter what you bought it for etc - everything must be 50/50, this includes any money in the bank up to the day he left, do you know he or you can also apply to the courts for half of any pensions you may have. Contact a lawyer it doesn't matter that he never paid a penny and you cant sell it without his permission. Scottish Law. |
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paton
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kill you partner that should help |
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