Division of property


#1

What he’s talking about is that if they were married when the home was purchased and the principle amount was decreased during marriage, then he is entitled to 1/2 the equity in the home up to the date of separation. This can be put into a separation agreement that the payment(s) are made by a specific date.

My husband and his ex had only been in their home 3 years and had recently refinanced so when they separated they had no equity in the home and since he made no profit when selling, did not end up paying his ex anything from the home.


#2

Please see my response to your other post on this issue.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044

Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780

ROSEN.COM

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.


#3

I am writing as a concerned parent of a daughter going through this divorce “thing”. Fortunately there are no children involved. Today, however, something came up that I thought was an interesting question to pose. My daughter is a teacher and qualified for a first time home buyers loan for teachers. She put no money down but qualified to purchase a pretty nice home. I am assuming her husband’s name is on the deed automatically, but he did not add any money to the downpayment. Admittedly, with the help of his income she was able to buy a new car rather than a used one and helped with some of the finances. They have put very little principal into the home since they have only been there for 2 years, but he recently said he wants her to “buy him out”…what does this mean? Would she have to pay him half of the amount paid into the house or does it mean half of the mortgage value which is 75,000 or more dollars? This is very confusing to me since he could not have qualified financially to purchase the house and of course she doesn’t have this kind of money to “buy him out”.

Deb Craddock