Confused about bank accounts

[swimcatsmom]

<p>from [Completing</a> the FAFSA 08-09/The Application Questions(40)](<a href=“http://studentaid.ed.gov/students/publications/completing_fafsa/2009_2010/ques3-2.html]Completing”>http://studentaid.ed.gov/students/publications/completing_fafsa/2009_2010/ques3-2.html)</p>

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Ownership of an asset</p>

<p>Ownership of an asset may be divided or contested in several situations:</p>

<pre><code>* Part ownership of asset. If you (or your spouse) own an asset with others and therefore only own a portion or percentage of the asset, you (or your spouse) should report the net asset value that represents only your share of the asset owned. You would determine the current market value of the asset, reduce the value by any outstanding debt, and then multiply the net asset value by your ownership percentage. This result is then reported on the FAFSA.

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