is my ex entitled to full $30K that she received from profit of 1st house to use on house purchased jointly and lived in by both for 8 yrs if/when we sell house or when i try to buy her out.i have done repairs and upkeep on house but have not kept any receipts to show such
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Read More Answered By: Carol Ryder |
Not enough info but look up the laws for equitable distribution. Normally, ED means they are supposed to be roughly half and half for marriages over 10 years and the courts look at lots of things, not just the house's appreciation and upgrades, although you mentioned repairs and upkeep only. People tend not to keep receipts for upkeep and repairs b/c not deductible off the 250K pp tax deduction for appreciation on a house but does come into play for other things, like home office). You should really get an attorney-it will pay off here, and if you try to work this out first, maybe you have psychological ins and can see a psychologist (I send people sometimes) to work things out as much as possible, you can save legal fees. You can go with something like collaborative divorce, mediation...but I found the psych then collab option to work out the least expensive and with the least amount of gut wrenching for the couple. |
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