Greetings. Yes, if he gets the appraisal, it may show that the house has increased in value and he is entitled to any passive losses or gains (for example appreciation in value of a house). Since for court the value as of the date of division is needed, it is understandable that he wants a value close to the current date.
I will tell you that I doubt the value of the house has increased substantially (if at all) since July 2004 to the present date. Most of the appraisers I have spoken to say that property des not increase in value that quickly in this area, so he may spend more than the property is worth. Thank you.
Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax
10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax
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.
Why is it the value as of the date of division and not the date of seperation? He has continued to delay the division for months on end. Does this mean that any improvements or maintenance that I have done on the house since the date he left would be given back to me as a credit?
Greetings. Any and all passive losses or gains on marital property are marital and are divided as of the date of division and not the date of separation.
Your improvements, not maintenance, would be active losses and/or gains and would be your separate property, if you can divide out the value of your improvements from the overall value. Does that answer your questions?
Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax
10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax
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.
Ok, I have accepted the fact that the value of the property is as of the date of distributions. The new appraisal came bake $25M over an appraisal done in 2000, $10M over an appraisal done one year ago and $9,000 over the recently re-evaluated City/County Tax Value.
He left the residence in August of 2003. Since that date I have paid all the debt that was marital, (mortgage). Since the date of distribution is used for the value of the property, do I get any type of credit for the $1200 per month mortgage payment on the home?
He just walked away and stated that if I chose not to pay the bills, they would forclose, he didn’t care, he would just file for bankrupcy if the need arose.
Greetings. Yes, you can get your share of the principal reduction that you have made after the date of separation. You can look at your amortization schedule to determine how much this amount is. Thank you.
Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax
10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax
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.
I am going through Equable Distribution. My ex left August 2003. I kept the house. We have an appraisal on the house dated June 2002, and July 2004. My ex wants to get another appraisal before we go to trial because he doesn’t think that the ones that we have appraised out high enough. Is there a risk that if he gets someone to appraise the house “high” it could take precedence over the appraisals already on file? I trust my attorney, but I just don’t understand what the purpose of another appraisal is for since they are subjective opinions on value?