Elaine Pijan v. Brett W. Pijan

The trial court awarded the wife a divorce after a marriage of over 30 years and divided the marital property between the parties. The financial assets of the parties were divided more or less equally, but the marital residence, valued at $130,000, was awarded to the wife. To equalize the division of property, the trial court awarded the husband a $65,000 security interest in the residence. The court also ordered the wife to redeem the husband’s security interest by amortizing it over a period of 30 years at an interest rate of 4% a year, which obligated her to pay the husband $310.32 monthly. The sixty-three year old husband argues on appeal that the property division was inequitable as to him because, in light of his age and life expectancy, the security interest in the home was an illusory award. We affirm the division of the property, but conclude that the method for payment of Husband’s share is inequitable under the circumstances. Therefore, we modify the property division so as to award the marital home to the wife and husband in joint tenancy.