What is the name of your state (only U.S. law)? VA
My soon to be ex-spouse (together from 1997-2004) and I are having a difficult time with the only real asset we "own," our house. When we seperated in 2004, the house had $100k in equity, she did not want to sell. Now, with the market changes, the house is currently valued at what we owe (loan amount 220k, value 220k.) She thinks that for the short time that she contributed to the house payments from 1997-2004 she should be entitled to future profit if/when the house goes up in value. Does this make any sense? An asset valued at $0 divided by 2 is still $0, right? The most likely scenario is the house may sell for more later, but mostly because I will be buying down the debt over the next few years since I now live there and have always paid the mortgage, even while not living there.
Can anyone provide any clarity on the right way to move forward?
My soon to be ex-spouse (together from 1997-2004) and I are having a difficult time with the only real asset we "own," our house. When we seperated in 2004, the house had $100k in equity, she did not want to sell. Now, with the market changes, the house is currently valued at what we owe (loan amount 220k, value 220k.) She thinks that for the short time that she contributed to the house payments from 1997-2004 she should be entitled to future profit if/when the house goes up in value. Does this make any sense? An asset valued at $0 divided by 2 is still $0, right? The most likely scenario is the house may sell for more later, but mostly because I will be buying down the debt over the next few years since I now live there and have always paid the mortgage, even while not living there.
Can anyone provide any clarity on the right way to move forward?