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RayAnswers, Lawyer
Category: Family Law
Satisfied Customers: 42297
Experience:  30 years as a family law lawyer .
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Couple buying and having built a new home. Husband agreed to

Customer Question

couple buying and having built a new home. Husband agreed to use his VA financing to purchase because of the savings. mid-way through construction, he announces he's leaving marriage. he pulls his VA loan and breaches the contract with the builders. Wife has to find own financing and does so. However, it cost her $50,000 more for loss of land credit from first deal, closing cost (not on VA loan), mortage insurance required (but not on VA loan), and $24,000 more in interest going from 3.2% (VA) to 3.625% (her new loan). Question...she has filed for divorce. She is filing a Motion for Interim Order for "exclusive property use", "allocation of debt" al. Should she also ask that the Family court adjudicate the $50,000 loss (breach of contract?), and apply that sum to property division? will she structure it as a Breach of Contract and file a separate motion in front of family court to adjudicate it?
Submitted: 1 year ago.
Category: Family Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  RayAnswers replied 1 year ago.

I would certainly try here.At worst the court might deem this marital debt and you get half of the loss here from the husband in some kind of accommodation during property part of divorce hearing.It is worth raising in your case even if court only awards you half.This loss may be seen as a martial debt/loss and gets divided.

But even half here beats nothing.I would raise it in your pleadings and the judge here.It is worth a try to spread the loss among both parties.

Expert:  RayAnswers replied 1 year ago.

Alaska is an equitable property state with a law allowing couples to choose community property rules by executing a community property agreement or a community property trust. A couple can designate all property as community property, or can specify in their agreement that certain items, for example earnings during the marriage, will remain separate.

Expert:  RayAnswers replied 1 year ago.

. Judges in Alaska have a great deal of discretion in deciding what factors are important in an equitable distribution of the your debt an assets; if it seems unfair not to, they can even include separate property in the division. A judge will consider all of the following:

  • the length of the marriage and the standard of living during the marriage
  • the age and health of each spouse
  • each spouse’s earning capacity, taking into account absence from the job market and custodial responsibility for children during the marriage, as well as education, training, and experience
  • each spouse’s current financial circumstances, including availability and cost of health insurance
  • each spouse’s conduct, including unreasonable depletion of marital assets
  • the desirability of awarding the family home, or the right to live in it for a reasonable period of time to the party who has primary physical custody of children
  • the needs and circumstances of each spouse
  • when and how property was acquired, and
  • the income-producing capacity of the property and the value of the property at the time of division.

So certainly try to raise this loss and hope the court includes it in resolution and awards at least half the loss to ex here.

I appreciate the chance to help you today.Thanks again and the best here.