Virginia.
1986 - My father divorced my step mother. At the time, the judge awarded her no support, but left her on the house title and continued her "rights of survivorship."
April 2009 - My father died. I am administrator of his estate.
May 2009 - His ex-wife has come forward to get her share.
I contacted an attorney who advised that under VA code section 20-111, the title was converted to tenants in common. According to the attorney, that means that she is technically entitled to 50%. However, that amount is diminished by half of the mortgage, taxes, insurance and interest not paid since they divorced. Which is a considerable sum since he had a 13% interest rate. It supposedly also includes half of the renovations & half of the agent fees to sell.
However, the attorney said that on her side, she is entitled to half of the fair rental value since 1986. He mentioned interest, and this is the part I need to verify. Is she entitled to interest over 23 years, and if so, is it compounded annually or monthly? I didn't get this part, because I would think she'd be equally responsible for the interest of mortgage, taxes and insurance which is a lot more than the fair rental value.
Can someone please confirm:
a) is she entitled to interest on fair rental value
b) if so, is it compounded annually or monthly
c) is she responsible for interest on unpaid mortgage, taxes and insurance
d) is there a standard interest rate applied in property settlement
e) is there a standard percentage increase in determining fair rental value
thanks in advance!
1986 - My father divorced my step mother. At the time, the judge awarded her no support, but left her on the house title and continued her "rights of survivorship."
April 2009 - My father died. I am administrator of his estate.
May 2009 - His ex-wife has come forward to get her share.
I contacted an attorney who advised that under VA code section 20-111, the title was converted to tenants in common. According to the attorney, that means that she is technically entitled to 50%. However, that amount is diminished by half of the mortgage, taxes, insurance and interest not paid since they divorced. Which is a considerable sum since he had a 13% interest rate. It supposedly also includes half of the renovations & half of the agent fees to sell.
However, the attorney said that on her side, she is entitled to half of the fair rental value since 1986. He mentioned interest, and this is the part I need to verify. Is she entitled to interest over 23 years, and if so, is it compounded annually or monthly? I didn't get this part, because I would think she'd be equally responsible for the interest of mortgage, taxes and insurance which is a lot more than the fair rental value.
Can someone please confirm:
a) is she entitled to interest on fair rental value
b) if so, is it compounded annually or monthly
c) is she responsible for interest on unpaid mortgage, taxes and insurance
d) is there a standard interest rate applied in property settlement
e) is there a standard percentage increase in determining fair rental value
thanks in advance!