My husband and I own our home. We are in the early stages of separating. The market value of the house is about 200k. My husband says that the real value of the house is the tax value here in Johnston County and that a judge would go by that value and not market value. I want to know if this is true because he keeps making offers that are not in my best interest. I am the dependent spouse (have been for the 12 yrs we have been married) and he also wants to take exactly half of the credit card debt from my share of the house. Again, I only work part time and in 2019 I made 8k and my husband made 144k, plus, he has a work vehicle, gas, cell phone and work pays for it.
The value of a home that is marital property is determined by the fair market value, not the tax value. If the parties cannot agree on the fair market value, then an appraisal will need to be done.
Subtracting half of the credit card debt from your one-half proceeds or value of the home is incorrect. Instead, all of the marital assets and marital debt are weighed together on a balance sheet and each asset (bank accounts, retirement, vehicles, etc.) and each of the debts are distributed to a Husband column and a Wife column depending on who is keeping what. Then the net value is totaled and the amount that one party must pay the other (whether in kind or in cash) to equalize the net distribution of the entire marital estate is calculated.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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Thank you so much for this valuable information!