How does the court normaly decide on dividing the equity in the familey home? I am currently in the home with a minor child. The tax value of the home is $235k but the appraised value is between 255K and 278K. We owe about 40k.Will the court allow me to sale the home and divide the proceeds? We also have other assests that could be used to cover the equity but that would only leave me with the home. My wife left the familey home in june and has established an new residence.
The court will divide the home as part of the entire martial estate, and should be valued using the appraised value as of the date of separation less the loan value on the date of separation. Selling the home and splitting the proceeds is also an option the court will entertain if neither party wishes to retain the home.
Can the courts make you use other assets to cover the equity in the home If I am willing to sell the home ( I am the one in the home) and divide the proceeds equaly. If they allow us to sell the home and it sells for less than the appraised value do I have to make up the differents?
Thank you for your first response
If neither party wishes to retain the home it should be sold with the proceeds split.