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Equity in the house? am I entitled to half?

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mcdon26

Guest
undefinedWhat is the name of your state? Maryland

Hello all, Brief backround: I was married in October of 1999. My husband had seperation papers drawn up and had me sign them. I was unable to obtain legal advice prior to signing the documents. Within this document I signed my rights away to his retirement and made arraingements for care of our child. Now I am coming to the final stage of my divorce and I just want this over with but I have been told by a couple of people that I still have rights to the equity in the house for the time that we were married since our "marital" money went to pay for the mortgage even though my name is not on the deed and even though it is considered non-marital property since he purchased it prior to us getting married. Although we both lived in the house. Since maryland is an equitable distribution state, does that give me the right to half of the equity in the house? The only clause that mentions Personal Property in the agreement I signed is as follows:
The husband hereby assigns to the wife all his rights, title and interest in and to the items listed on schedule A, attached hereto. The wife assigns to the Husband all her right, title and interest in and to all other personal property, tangible or intangible, that is now in the former residence of the parties.

My boyfreinds said that he beleive that this clause only mention property within the residence and does not include the residence itself.

Is he correct or did I sign my rights away to everything? I have also read that a judge could determine that a signed seperation agreement is unfair to one or both parties and could make a change to it. Is that correct?

Thanks for your help
 


nextwife

Senior Member
How long were you married? The divorce IS final? How long?

IF the house was premarital property in his name alone, the most you would likely have been entitled to was half the APPRECIATION that occurred during the marriage, not half the house.

Example:
Say he entered a marriage with 150,000 equity in a then $300,000 house. So you marry him for three years- you think that makes you entitled to half what the house is worth when the marriage ends? No, if the house was worth $325,000 at end of marriage, you'd maybe have been entitled to $12,500- half the amount it increased during the marriage.
 
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mcdon26

Guest
We were married for 4 years, and yes, I know I am not entitled to half of the value of the house, my question was only half of the equity (appreciation) of the house for the four years we were married. No the divorce is not final. Thank you for your reply.
 

nextwife

Senior Member
Technically, "equity" is the difference between what is owed on the place and it's market value.

Also, if marital funds were not being used to make payments (say it was free and clear when you married, or he used non-marital funds to make payments, such as income from a trust) then it is easier for him to maintain that it is seperate property.

Another consideration is that, if he is assuming a greater amount of any marital debt, that may wash the value of the half share of appreciation.
 

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