How do I calculate equity on years I was married?
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How do I calculate equity on years I was married?
I bought a house in October 2014 for 110,000. I married September 10 2016. Filed for divorce, August12, 2019. My name is on the deed and not my husband. I know he is entitled to equity of the house during the years we were married. How do I calculate this. The assesser valuated the home as
2016 96,875.00
2017 94, 402.00
2018 94,402.00
2019 111.961.00
Can I use the county assesser’s appraisal? and how do I do it?
Asked on September 3, 2019 under Real Estate Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
It is far from clear that your husband is entitled to the equity in the house, since you bought it pre-marriage. At most, he may be entitled to the increase (if any) in equity during the time you were married in proporation to the amount of the mortgage, taxes, and other costs he paid (i.e. if you paid the house's carrying costs by yourself, he would likely be entitled to nothing). So using the county assessor's valuations, if it went from $94k when you were married to $112k today, if he paid (roughly) half the costs during that time, he'd be entitled to 1/2 the $18k increase, or $9k.
You use them by presenting them: if you can, get certified copies of the appraisals, or at least something in writing from a county employee confiming they are accurate. (If you end up in court over this, you may need the employee to come to court and testify to confirm you have "true" and accurage copies.)
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