• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Equity in the house

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

toolate

Junior Member
What is the name of your state? NM
My husband told me if we got divorced, his attorney told him I'd only get the equity in the house since we married, 8 yrs aworth. He bought the place maybe 20 yrs ago. We've refinanced the house 2x's and I'm on the house loan, too. The ? is would I get half of what the place is worth? It's not worth that much. I've seen ?s about being named of the deed but I'm not sure about that.
 


seniorjudge

Senior Member
toolate said:
What is the name of your state? NM
My husband told me if we got divorced, his attorney told him I'd only get the equity in the house since we married, 8 yrs aworth. He bought the place maybe 20 yrs ago. We've refinanced the house 2x's and I'm on the house loan, too. The ? is would I get half of what the place is worth? It's not worth that much. I've seen ?s about being named of the deed but I'm not sure about that.
Your share of the house would be determined by how much you put into it (among other factors).
 

LdiJ

Senior Member
toolate said:
What is the name of your state? NM
My husband told me if we got divorced, his attorney told him I'd only get the equity in the house since we married, 8 yrs aworth. He bought the place maybe 20 yrs ago. We've refinanced the house 2x's and I'm on the house loan, too. The ? is would I get half of what the place is worth? It's not worth that much. I've seen ?s about being named of the deed but I'm not sure about that.
If he owned the house prior to marriage, then yes, you are likely to get only 1/2 of the equity that has accrued during the marriage. Even if the house had been purchased during the marriage, its only the equity that gets split....not the value. (unless the house is paid off).
 

nextwife

Senior Member
And why do you think that any of the equity plus downpayment he made in this house BEFORE you came along should be split with you? That money (equity) has nothing to do with your marriage to him.
 

toolate

Junior Member
New Mexico
Nextwife, I don't mind answering that question. It's a sad situation but he only paid approx 40G for the place, it's now valued around 78G and we still owe 45G due to some improvements. I married him with over 40G in my pocket which is all gone now. Yes, you can call me stupid! I helped put him on track as far as his finances go, got him going in the right direction and now I'm being forced to start a new direction myself. I do feel I should get more than what I'll get. Just the way I'm sure everyone else feels. Truth is, the law will decide.
 

nextwife

Senior Member
toolate said:
New Mexico
Nextwife, I don't mind answering that question. It's a sad situation but he only paid approx 40G for the place, it's now valued around 78G and we still owe 45G due to some improvements. I married him with over 40G in my pocket which is all gone now. Yes, you can call me stupid! I helped put him on track as far as his finances go, got him going in the right direction and now I'm being forced to start a new direction myself. I do feel I should get more than what I'll get. Just the way I'm sure everyone else feels. Truth is, the law will decide.

So the equity is only a total of $33,000? Less any closing costs? Even 50% of all of it is $16,500, max.
 

toolate

Junior Member
New Mexico

Anyway, thanks Nextwife, for helping me with the figures, but not Mambo Hips figure. lol
$16,500 is a lousy return for a lousy decision. I was hoping I'd get more than that, atleast what I put into the place.
LDiJ, thanks for your help, especially, makes me rethink this whole mess.
 
Last edited by a moderator:

nextwife

Senior Member
I'm presuming the eguity was yanked out to either pay off some bills or to pay for other things along the way. If so, the equity lost may be offsetting a greater marital debt accumulation that would also be split. Hopefully, you and he used the equity wisely (as in taking out money at 5 to 7 % to pay off credit cards charging 18 to 22%) and not for fleeting needs like vacations
 

HomeGuru

Senior Member
nextwife said:
I'm presuming the eguity was yanked out to either pay off some bills or to pay for other things along the way. If so, the equity lost may be offsetting a greater marital debt accumulation that would also be split. Hopefully, you and he used the equity wisely (as in taking out money at 5 to 7 % to pay off credit cards charging 18 to 22%) and not for fleeting needs like vacations

**A: if that is the case then there is no equity. The writer should look up the definition of the word equity and do the math.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top