Dear seekingpath:
Greetings. Don’t worry, you can ask as many questions as you want to! Yes, the date of separation does affect the distribution of equity in the house. Marital equity is accrued up to the date of separation (the day he moved out). Moving out creates the date of separation and therefore marital equity stops accruing, but moving out does not make him lose any ownership interests or equity already accrued. Thank you…I love happy comments and we are glad to help!
Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorce.com
919-787-6668
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 but a full discussion with an attorney should be undertaken before taking any action.
What if the person that moved out is paying the mortgage on the house?
Dear Bystander:
Then the person that moved out is accruing separate equity (in the form of mortgage principal reduction) in the house and the person that is living there is getting free rent. Hope that helps.
Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorce.com
919-787-6668
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 but a full discussion with an attorney should be undertaken before taking any action.
Hi
Thanks for your previous response…it was very helpful! I looked at other topics but didn’t see the answer to this, so I hope you don’t mind answering another…
Does the date of separation effect distribution of equity in the house (in other words, does my husband accrue marital equity in the house up until the day he moved out or until the date of divorce…or is there some other date?)Does moving out effect equity in the residence in any way?
Thank you again, you provide a GREAT service to the community.
seekingpath