Legal Question in Family Law in Michigan
home equity
if a home was purchased by both parties before marriage how do you handle a land contract situation. home value $50,000 equity $30,000 so in divorce what would you do?
Asked on 8/23/01, 8:23 pm
1 Answer from Attorneys
William Stern
William Stern, P.C.
Re: home equity
It is marital property and the equity would be subject to division. The particular situation may determine the percentages involved. The fact that it was purchased before marriage is of no consequence.
Answered on 8/27/01, 8:50 pm
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