The values need to be balanced with all of the other assets that each is keeping, even if it has already been distributed.
For purposes of example, assuming only these two properties existed, this is how it would be balanced:
Assume Property A has a value of $200,000 (fair market value at date of separation).
Assume Property B has a value of $50,000 ($200,000 fair market value at date of separation - $150,000 mortgage balance at date of separation).
There is a different in values of $150,000, with Spouse 1 keeping Property A and Spouse 2 keeping Property B.
Therefore, Spouse 1 would owe Spouse 2 $75,000 (one-half of the difference) in order to equalize the distribution so that Spouse 1 ends up with $125,000 of net marital assets ($200,000 Property A equity - $75,000 equalizing distributive award to Spouse 2) and Spouse 2 ends up with $125,000 of net marital assets ($50,000 Property B equity + $75,000 distributive award from Spouse 1).
The one-half mortgage payments that you are paying for your spouse are likely counted as support payments. Otherwise, if your spouse has to refinance the mortgage, you could receive a credit for the one-half of the principal that you paid from date of separation to date of closing on the refinance.
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