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Options for Splitting Home Equity

Michigan divorce lawyers Henry Gornbein and Alisa Peskin-Shepherd discuss options for splitting home equity.

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Henry: What are some of the ways to handle a marital home?

Alisa: Well, like you said today is a lot different from 3 years ago so we find that many people don’t want to sell their homes now so usually one party will stay in the house and have to buy the other party’s interest in that house, the parties getting bought out might feel that the market is so bad right now, that I know I have more equity in this house but that’s the value right now, but when you’re getting divorced you take a picture of those assets at this time so that’s the situation, so some parties might get bought and say you can stay with the children when they’re young and when they graduate then we’ll split the house and get equity from what is in that house, so again there is no black and white rule, it is all negotiable to suit the party’s needs.

Henry: Savings, investments, normally divided is that correct?

Alisa: Normally we start like a business and split things 50/50 equally between the parties what that marital assets are, so you have to determine what those marital assets and what’s going to be divided are other issues might come into play where some items might not be a marital asset, so should we take that out of the pot? Or if there is fault involved someone may say it shouldn’t be a 50/50 split, and what we really aim for is an equitable division of those assets.

Henry :Now equitable doesn’t always mean equal though in most cases where it’s equal in extreme fault cases may go up to 60/40, but it really depends on the facts on each case.

 
©2010 Henry S. Gornbein PLLC
Alisa A. Peskin-Shepherd PLLC
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