Dear justplaintired:
Greetings. Possibly, but it depends on whether or not the deed changed. Even if the house was not gifted to the marriage, you are entitled to half of the marital equity in it! Also, if I were you, I would not move out until you have a separation agreement. Best of luck.
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.
The deed was not changed and I do not understand why. However, the house is secured with the home equity line of credit. Did the bank do something wrong? Just wishing!lol-Anyway, how can I find out what the marital equity would be? If it is separate property how can it then turn into marital equity? I really do not like this 1 law. I will not leave until I find me a loop hole somewhere. Thank you so much for taking the time to answer. Please let me know if you have any brain storms to help me find the loop hole. Thanks again![:I]
Dear justplaintired:
Greetings. LOL[:p] I am really laughing now…because you must think that this same question does not come up for us over and over again. Instead of me helping you…IF YOU FIND A LOOPHOLE YOU ARE HEREBY CHARGED TO INFORM ME AT ONCE. If there was a loophole, we would know. The bottom line is that separate property is separate, unless gifted to the marriage or changed into marital property.
You determine the marital equity in a home by looking at the value of the home on the date of marriage and the value of the home on the date of separation. We determine the difference, and determine the amount of principal deduction and try to extrapolate the value. Remember though that passive losses and gains (for example in this situation - market increases in property values) are entirely separate. Another way to determine marital equity in a separate home would be to look at principal deduction or the cost of improvements (sweat equity). Best of luck.
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.
Thanks for such a wonderful site and I hope you are not sick of my posts. I read somewhere that separate property used to purchase other property becomes marital property. If wife had home prior to marriage and we later took out a home equity line of credit loan to purchase a car, make repairs, and pay off some debts would that then make the home marital property? I keep hoping I will find a legal way that the home will be considered marital within the next several months. I just do not see how I could pay half of all payments on home since the very day it was purchased and then have to move out with little to nothing. I am the one that has made this a home. This law is so depressing. Thank you so much.[:(]