Mortgage Debt


#1

The increases to the value of the home due to the efforts you put forth after the date of separation are your separate property. In addition, if you reduced the principal on the first or second mortgage after the date of separation, this decrease will be your separate property.

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

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


#2

My wife moved out of the house 2 years ago. She rented an apartment and paid her monthly bills. She did not request any monthly payments. We are now trying to work out a settlement. Since the DOS, I have paid our mortgage. I made extra payments for a short period of time and I have also made some significant improvements to the home.

The house is now worth significantly more money. Does the present value of the house get equally split between the two of us? Do the mortagage payments and second mortgage payments that I made count toward my side of the balance sheet? How are the improvements that I made to the home and its increased value as a result treated?