divorce and the house ?

[fmahovalich]

Keep in mind....re: pensions.

Her share of YOUR pension is calculated on time together....not entire pension.

So if your first 5 years into the pension (the best years) were when you were single, she is not eligible. An actuary will come up with a value for your pension. This may be offset by her pension, as well as equity payments, if she made more than the OP.

 

[GameBoy27]

So how does it work?

Here is the situation, I moved out. We had a house bought for 530,000

- sunk 30,000 of our cash into the down payment
- over the course of 7 years paid 140,000 in mortgage payments
- the equity is minimal - lets say 30,000 - the rest of the mortgage payments went on interest payments
- the value of the house is now 470,000 due to market fall

my to be ex-wife is saying she keeps the house and owes me nothing because its not worth more than the outstanding balance on the loan.

wtf that does not seem right

Where (roughly) is your house located and why the hell has it depreciated 60K in 7 years?

 

[dshaw4096]

Where (roughly) is your house located and why the hell has it depreciated 60K in 7 years?

New York - we bought at the height of the housing market and overpaid by maybe 10 or 20k.

 

[GameBoy27]

Okay, NY... Didn't make sense that a house in Toronto would depreciate that much.

So dshaw4096, did you get your dilemma sorted out?

 

[gtamassage]

A lawyer ??? For WHAT?

He spelled it out......no equity in the house.

Clearly...he gets the BETTER DEAL WALKING AWAY.

Not sure on status of support, pensions, etc....but on house equity...after lawyer and real estate fees....

TAKE HER OFFER.

Now you have the upper hand....it is civil...and all is good!

Kids are involved. Get a lawyer.

 

[james t kirk]

To the OP....

I'd say (given the information that you provided) if you can get her to take on the mortgage as a sole owner and walk away clean - you win.

There is no equity in the house by your own admission.

Selling will be a huge HUGE hassle - there are real estate vultures to consider, grief with home inspectors, nit picky buyers, moving, etc. etc. etc.

Simply NOT worth the grief.

Let her keep the place, you start fresh. Let her stay in the house where there are going to be inevitably memories - good and bad of you. Every time she comes home, she can see the place, think of you, sleep in the bed, think of you, hell, she will be able to smell you for the next 2 or 3 years (figuratively, not literally)

You on the other hand get a clean break, the kids are at home, and you can bang all the chicks you want in Toronto.

 

[Mr. Piggy]

Get a good lawyer, one that will fight for you. I had a similar situation and was just walking away giving her the house. All I wanted was my life back. She agreed then decided to stab me in the back. That wasn't good enough for the bitch. She got alimony to cover the mortgage till it came up for renewal then she sold the house. I got nothing and had to start all over again. Don't just get a lawyer, get a good one because the law sides with the women in divorces, the man get screwed.