How to value estate property to be divided?
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How to value estate property to be divided?
After a 3 year legal dispute over some real estate property jointly owned with the deceased, the case was finally settled with a 50/50 split of assets and liabilities. When the property is finally sold can I claim my 50% share based on the value of the property 3 years ago on the date of the deceased or would I have to settle for 50% of the sale price?
Asked on February 8, 2011 under Real Estate Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you look at it from a different perspective, the estate values the property as of the date of death. Although I think that you have a really valid issue here and a valid argument to make for valuing it three years ago- and I am going to assume that it is worth more then than now? - you are going to have another fight on your hands getting more than the 50%. I would speak with your attorney who handled the litigation for you on the matter. You may wish a Judge to rule on the issue but remember: no Judge is going to allow you to be unjustly enriched. Good luck.
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