Question on Property Equity

[TPK]

Soc,

I have been speaking with a friend who has been divorced 3 times. I am picking his brain about a divorce (who better to ask!)

My wife owns her house free & clear. I still rent. My friend suggested that I could be entitled to Equity of her house during the time we were married. I have done a lot of work on the property including installing a new front porch, stripping and restaining the house, interior additions, yard maintenance, land clearing etc.

She had always told me it was my house too. I expect that has changed.

Marriage was only 13 months but NY property values in Ulster County certainly have gone up. I used to ride shotgun with her when she was a real estate agent so I have a hint that her property value has gone up.

I really only intend to bring this up if she wants alimony, otherwise I'll let it go.


1. Am I wasting my time bringing the property equity issue up?

2. Would duration of marriage matter at all in determining wether I'm entitled to it?

3. Should I get an appraiser to do an eval on the property?


I noticed in her financial disclosure that she really de-valued her property in excess of maybe $60-70K.

Apparently, if I was entitled to the equity it would only be 1/2. Even if I can come away with $5K I'll take it.

_____________________________________

BTW, I did settle up with bro-in-law including having him buy me out of partnered deals, spiltting up of any other items and rec'vd his check today for the buy-out. Thanks for your input with this situation Soc.

Thanks!

TPK

[socrateaser]

>>1. Am I wasting my time bringing the property equity issue
>up?

Depends on what you can prove or get your wife to admit. NY is a separate property jurisdiction, so if the house was hers before the marriage, then it's hers now. However, different jurisdictions will raise various legal presumptions about contributions by a spouse to the other spouse's separate property.

So you will naturally argue that your "sweat equity" and any out-of-pocket payments by you towards improving her separate property should give you an equitable interest in the home. Your wife's attorney will argue that your contributions were a gift of love and affection, and therefore you are not entitled to any reimbursement, and certainly not a proportionate interest in the home's value.

In general, the more money/work/value add that you can PROVE, with hard evidence (i.e., receipts from Home Depot, Lowe's, checks to pay utilities, etc.), the better your case becomes. But, if your contribution is less than 5% of fair market value for the property, I'd say you're wasting your efforts, because the litigation costs will eat up the money you might recoup.

>
>2. Would duration of marriage matter at all in determining
>wether I'm entitled to it?

No, only your financial and work product contributions matter.

>3. Should I get an appraiser to do an eval on the property.

Only if there's a ton o dough at stake. Otherwise, just some comps from the multiple listings of homes in the same neighborhood and of the same sq ft./age/etc. should be enough.

>I noticed in her financial disclosure that she really
>de-valued her property in excess of maybe $60-70K.

Of course she did. You would expect otherwise?

>
>Apparently, if I was entitled to the equity it would only be
>1/2. Even if I can come away with $5K I'll take it.

I think you're misinterpreting the law in this area. Based on your post, you're not getting anywhere near 50%

>_____________________________________
>
>BTW, I did settle up with bro-in-law including having him buy
>me out of partnered deals, spiltting up of any other items and
>rec'vd his check today for the buy-out. Thanks for your input
>with this situation Soc.

Consistent base hits are better than occasional home runs.