Q: In a divorce how is the equity divided? One lived in the house for 40 years. The other for 10 years?
Gone to first hearing. Fired attorney. Second hearing coming up.
A: One of the difficulties of being a family law attorney is that emotions are high and if you tell your client something they don't want to hear, they fire you. This does not change the facts or the law. You need to retain another attorney and discuss your specifics with them. IMO the equity that was built up during the co-occupancy would be divided. The bad news for you is that the amount of equity built up over the first 30 years could be less than that built up over the last 10 years due to the price of housing differentials over the decades. The house that is $2,000,000 today was only $26,000, forty years ago. Another factor to consider is how much financing was paid during the co-occupancy? These are not easy issues and this is not the first time that they have come up. You could do your own research online or at the Law Library, if it is open. Recommend retaining a new attorney asap.
Justia disclaimers below, incorporated herein.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.