Q: How does house get valued in divorce when one stays and one partner moves out?
So, partner #1 moves out end of March but divorce case isn't until February. Partner #2 stays in house, wants to keep it and pays on mortgage and upkeep, etc. Included in that would be escrow for taxes and insurance. There is also small homeowner's association bill coming out next month. Partner #2 also paid for small upgrade in house, some carpeting.
If the house is valued around $200,000 at time of separation, is that the part that gets split, minus mortgage and any tax lien on house? What about the passive increase in home value due to rising housing market? Thanks.
A: You need to bring all the information to a family law attorney to get an accurate answer. Amounts paid to maintain the martial home is a distributional factor, which may or may not be treated as a dollar for dollar credit by the judge. The same is true as having sole possession of the house, its a factor, not a set dollar amount. the carpeting can be valued by the cost of the carpeting, or the amount that the carpeting increased the value of the home... was it an improvement or just routine maintenance. Credit for mortgage payments are effected by who took the interest deduction on their taxes, and the amount of outstanding principle that was reduced. Bottom line, you need to talk to a family law attorney in your district.
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