- Jurisdiction
- Colorado
For rough numbers...
Sam Bought house in 1995 for 150,000.
Sam Married Joan in 2000. Value of house at that time is $175,000.
They both lived in house a few years until buying another and renting this one. Not sure this matters.
Current value of house is $450,000. Sam wants to keep it.
Current mortgage of $100,000 = Equity $350,000.
OK -
1. Do they split the current equity meaning $175,000 each? Meaning he would pay her that much.
OR -
2. As above but he gets $25,000 for previous ownership so pays her $150,000.
OR -
3. Do they split the increase in value during the marriage? This would be $275,000 total or $137,500 each. Meaning he would pay her that much.
OR???
Actually I was hoping that when I wrote it out it would make sense to me one way or the other - no such luck.
Appreciate guidance. Thanks!
Sam Bought house in 1995 for 150,000.
Sam Married Joan in 2000. Value of house at that time is $175,000.
They both lived in house a few years until buying another and renting this one. Not sure this matters.
Current value of house is $450,000. Sam wants to keep it.
Current mortgage of $100,000 = Equity $350,000.
OK -
1. Do they split the current equity meaning $175,000 each? Meaning he would pay her that much.
OR -
2. As above but he gets $25,000 for previous ownership so pays her $150,000.
OR -
3. Do they split the increase in value during the marriage? This would be $275,000 total or $137,500 each. Meaning he would pay her that much.
OR???
Actually I was hoping that when I wrote it out it would make sense to me one way or the other - no such luck.
Appreciate guidance. Thanks!