In today’s Living Akamai segment, Kay Mukaigawa was joined by Ann Isobe, Senior Attorney with Greg Ryan & Associates, who specializes in Family Law. For many couples in Hawaii, the most valuable asset in their estate is their home.
Divvying up assets in the event of divorce are always a top-of-mind topic due to the fact that each spouse will be entitled to one half the NET EQUITY in the home. Many divorce trials will hold a focus on the even distribution of shared assets that were acquired during the marriage, and that is why legal or financial mediation is necessary when determining the value of said assets.
When asked about how to determine the market value of a home, Isobe said, “If there is agreement to use the city and county tax assessed values, then we can use that to determine the fair market value of your home. If there is a dispute about the value of your home, then either party can request that an appraisal be undertaken to determine what its fair market value is.”
Kay Mukaigawa and Ann Isobe discussed many other frequently asked questions regarding the full assessment of net equity on a home, hypothetical situation where the former couple leaves their home to their children, and if there are tax consequences on property division.
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