Legal Question in Family Law in Virginia
home sale
I am court ordered to sell my marital home and split sale in half minus improvements i make if i get a home improvement loan and fix home before sell does the money to repay loan come from my spouce half of sale or mine?
1 Answer from Attorneys
Re: home sale
It would seem that the costs of any such home improvement loan would be shared equally by the parties since presumably each would share in the presumed increase in equity in the home as a result of any home improvement work carried out prior to the sale of the property. And, therefore, if you take out this home improvement loan and use the funds to make whatever improvements that need to be made, and then sell the house, you would deduct from half the sale proceeds due your spouse an amount equal to one half of his/her share of the total cost of the loan, including principal and interest and then convey the remainder to your spouse.