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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi Denise,
It include the home improvement cost as a factor in the Moore-Marsden calculation provided the improvement can increase the home value appreciably. |
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Stella
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Post subject: community property |
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| My husband bought the house before we were married and then married 5 months later. We have been living in the house for 6 years. My name was not on the deed at the time but I do think it was at one time before refinancing but is not currently on it. My lawyer used the moore/marsden calculation and it appears i will only be getting 6% allocation of equity. Does this seem right? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi Stella,
Did your lawyer work out the equity in community property based on the formula:
CP = PPCP + (CP% x MApp)
Where,
CP = community property
PPCP = principal payments from community property
CP% = percentage of community property = PPCP / Purchase Price
MApp = property appreciation during marriage
To know more on the calculation that your lawyer may have used, please refer to:
http://www.mortgagefit.com/know-how/mooremarsdenrule.html |
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Stella
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Post subject: response |
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| Yes, that formula was used. Is it possible there is some loop hole here? It doesn't seem fair. I lived, maintained and made payments toward the mortagage only to receive 6% |
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Darlene
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Post subject: equity in home/divorce |
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| Before marrying I had purchased a home. The title and loan was in my name the whole 14 years of marriage. I can prove that I made all the payments and paid utlities out of my seperate checking account. Is he entitled to any equity in the home? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Darlene,
Welcome to the forum.
As you have bought the home before your marriage and made all the payments your husband does not have any right on the property.
Best of luck,
Larry |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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jengee
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Post subject: moore-marsden |
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My ex-2be bought the house un 1995. We got married in 1999 and separated in Aug. 2007. I was not in the deed for the first 4 years until we refinance at that time I was added to the deed. Will yout tell me the percentage that I am entitled to.
Thanks. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Post subject: |
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Welcome jengee.
It will depend on the deed how it was prepared and the amount of equity on the property. Are you selling the property? You should talk with an attorney. If you sell the property then you should get your share of the home equity but if the sale proceeds don't cover the loan amount then you will be responsible to pay off the lender.
_________________
Good is the Enemy of Great. |
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bob peterson
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Post subject: |
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| We live in california. Prior to our marriage, my wife owned a house. After 20 years the house has considerable capital gains. Does the capital gains become community property? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Post subject: |
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Welcome Bob.
As your wife owns the property before the marriage the property will not be considered as community property. So if there is any loss for this property she will responsible for it. Likewise she will be responsible for the capital also.
Let me know if you have further queries.
_________________
Good is the Enemy of Great. |
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Ayla
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Post subject: Moore Marsden rules for time after separation. |
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I purchased my home in 1981 for $175 and did $40 in improvements. In 1987 I married. In January of 2000 we took out a loan for $100,000 and in February my husband told me he was leaving but did not moved out until October 2000. I continued to make all the payments on the house and was required to pay alimony. We have still not divorced.
My question is, if the house was valued at $525,000 in October 2000 and was sold for $860,000 in June 2007 is my husband entitled to any of the increase in value between the date he moved out and the date the property was sold? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Post subject: |
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Welcome Ayla.
Is your husband also on the deed? If he is on the deed then he will be entitled to the capital gain after selling the property. But if he is not added on the deed then he will get it. Because you have bought the property before your marriage and it will not be considered as a community property.
Let me know if you have any further queries.
_________________
Good is the Enemy of Great. |
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Paulyb
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Post subject: seperate funds put down on new home from sale of soley owned |
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I put down 230k on a home. The home was purchased for 407k now after a dismal market. It is worth 450k max (it was 760k) we refinanced serveral times mostly to pay off cc debt but 50 k went for a pool. Well now we are getting divorced and owe 420k after realestate fees I do not see much left. I think if I kept the house shouldnt I be able to keep it scot free with no liabilities to her in fact I think she would be responsible for the eq line of credit for 50k (at least 25 of it) How does this law affect that ?
Thanks |
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Mac_7
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Post subject: |
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Hi Paulyb,
Did your spouse have her name on the loan when you refinanced several times? did she take out the Heloc solely in her name? |
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