Woosnam v. Woosnam

587 S.W.2d 262 (Ky. App. 1979)

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Nature of the Case

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Facts

W and Kenneth (H) were married April 17, 1970. W owned a house and lot against which there was an existing mortgage indebtedness of $9,466.23. It had been purchased for $12,500.00. H moved into the house after their marriage, and the parties resided there together. Six years later, the house was sold for $19,175.00, and the entire net proceeds were reinvested in another house purchased for $23,000.00. H and W separated on January 25, 1978. The chancellor found W's property had a fair market value of $13,300.00 on the date the parties married and second property a fair market value of $37,500.00 shortly after their separation. W had a nonmarital interest in the first property of $3,833.77 on the date of marriage. This sum was the net equity in the property. That sum equaled 28.8% of the property's value at the date of marriage and awarded her as nonmarital property that percentage of its sales price of $19,175.00 or $5,587.20. The second house was ordered sold with the net proceeds to be applied first in satisfaction of W's claim for nonmarital property with the balance of the remaining equity to be divided equally as marital property. W appealed contesting the equity calculations in her house and the second house.