<p>From the New York Times, Choice Blog on Financial Aid…</p>
<p>[Mark</a> Kantrowitz Answers Readers’ Questions on the Fafsa, Part 1 - NYTimes.com](<a href=“http://thechoice.blogs.nytimes.com/2012/01/09/mark-kantrowitz-fafsa/]Mark”>Mark Kantrowitz Answers Readers' Questions on the Fafsa, Part 1 - The New York Times) </p>
<p><<We are separated but not yet divorced, and assets are still in joint name. I will be filing 2011 tax return as single and using only my income for Fafsa, but how do I list assets do I use just 50 percent of everything? - skc</p>
<p>A.Unless there is a legal agreement specifying a different split, ownership of jointly held assets should be divided equally among all the owners. For example, if a students parents are divorced or separated, the parent responsible for completing the Fafsa would normally report half of the value of any assets that are jointly owned with his or her former spouse.</p>
<p>If an asset cant be sold or used as security for a loan because ownership of the asset is being contested in court, like in an acrimonious divorce, the asset is not reported on the Fafsa until ownership of the asset is resolved.>></p>
<p>I’m stunned by the idea that an asset isn’t reported when it is being contested in court!? That seems like a tempting loophole. Hubby and I had a good laugh about contesting assets.</p>