Reference no: EM132746517
Question: A young couple is getting divorced. The wife came into the marriage with a home that she inherited from her parents. At the time of the marriage, the house was worth $300,000 with an outstanding mortgage of $100,000. The house is now worth $500,000, and the outstanding mortgage is $50,000. In addition to having paid down the outstanding balance, the gain in value is due in equal measure to market forces and to the husband's significant work on the house, which included remodeling the kitchen and adding a deck.
Each party wishes to remain in the home. The husband was never added to the deed.
Additionally, during the marriage the husband's parents gave him a rare coin collection that is worth about $200,000. Although they gave it to him, the gift card included a post-script to the wife thanking her for caring for her mother-in-law during a long and serious illness. Since the gift was given, both parties have been involved in adding to the collection, and they have traded several of the coins for new ones. The collection is displayed in their living room.
The wife is claiming that the house is her separate property and the husband is claiming the same about the coin collection. However, she is also claiming an interest in the coins, and he is asserting an interest in the house. What are all of the issues presented by this situation?
Discuss how you would divide the property. Be thorough. You must apply all criteria and explain your reasoning
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