Hello, I’m wondering if my ex is entitled to the last 4 years I’ve been paying for this house myself if we had a separation agreement stating 50/50 once house sells. That money I’ve paid for last 4 years should not be part of the equation at all and I need to confirm this. I’m thinking that maybe the only way to go is to find out what my house was worth at time of divorce and what I owed at the time and split that amount 50/50 and any increase since that date would be mine since it would then be considered separate property and a passive increase. Would I be accurate with that assumption?
Assuming you have been separated for the last 4 years, then yes, any increase in equity due to your efforts from paying down the mortgage while separated is your separate property and your spouse is not entitled to it unless a separation agreement or court order states otherwise.
The value of a home that is a marital asset on the date of separation is the value that is subject to being divided 50/50.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
Awesome, thanks and yes we have been divorced since July 5th 2017 and separated since Feb 8th 2016 and I’ve been paying mortgage since. So what I plan on doing is when I do sell, see what it was worth at time of divorce or separation and what I owed at the time and split that amount. Is it from date of separation or divorce?
If the house has been distributed to you, and unless otherwise stated in a separation agreement or equitable distribution court order, then the increase in equity becomes your separate property from the date of separation assuming you have been the one to pay the mortgage since the date of separation.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.
Hmm, does any of this writing in the Separation agreement prevent me from only splitting what the house was worth the date of Separation?
- The Parties will sell the Marital Home and divide the proceeds of the sale as follows: Michael receiving 50.00% of the proceeds and Rebeccah receiving 50.00% of the proceeds after the twenty five thousand dollars for the initial equity line of credit taken out to payoff debt is paid back. The remainder of the equity received from the sale will then be divided equally.
- The Parties will share possession of the Marital Home, until it is sold
She moved out date of Separation and into a new home with her now husband. I’ve maintained the home since.
Based on the language you provided, 50% of the full net proceeds must be divided equally between you and your spouse, regardless of the date of separation value or current fair market value.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here
The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.