Posted on: 06th Sep, 2010 04:13 pm
I am writing this on behalf of a good friend who wanted to know the answers to the following two questions:
1. If the ex spouse had down work on the property, such as roofing and plumbing, is that subtracted from the CP?
2. If a property has depreciated since the time of marriage, how do factor the depreciation?
thank you for you time and consideration
1. If the ex spouse had down work on the property, such as roofing and plumbing, is that subtracted from the CP?
2. If a property has depreciated since the time of marriage, how do factor the depreciation?
thank you for you time and consideration
Hi Guest,
If the roofing and plumbing was done with the help of the community funds, then he will be able to claim those monies at the time of divorce as a part of his community property interest.
If the property has depreciated in value after it was considered as a community property, the appreciation during marriage will be zero. But the mortgage on the property was paid from community funds. The money that was spent from the community funds will be taken into account while the community interest is calculated.
Thanks
If the roofing and plumbing was done with the help of the community funds, then he will be able to claim those monies at the time of divorce as a part of his community property interest.
If the property has depreciated in value after it was considered as a community property, the appreciation during marriage will be zero. But the mortgage on the property was paid from community funds. The money that was spent from the community funds will be taken into account while the community interest is calculated.
Thanks