Let me explain my situation and hopefully you can give me some insight as to what I’m entitled to.
I received a pretty large sum of life insurance money from my late husband. I had a prenup going into my 2nd marriage. In my pre-nup it states that any separate property remains separate.
I owed 12 acres (which was on the prenup) prior to my husband and I building a house on it. My husband and I are now going through a divorce. Should I be entitled to the value of the property – should that not be deducted from his half? And what value would you use – the value of the property PRIOR to the house being built on it ($40k) or the current value ($90)? Also I paid over $30k of my inheritance money (separate property) towards the building of the house. Would the $30k also be deducted?
The house was recently appraised for $300k and we owe $225k…this would leave $75k in equity ($37,500 each). If the property value ($40k) and the $30k I invested into the building of the house is deducted off his half, then that leaves a major deficit on his part. Would he have to reimburse me for the difference? Or would I just take the loss and he’d not be eligible for anything from the house??
Thanks for any help you can provide on this complicated situation!