What Are My Legal Rights When It Comes to the House? Posted: 05-08-07 15:02pm
I just can't see giving $ away to an
attorney, hoping someone here can help/has
been through this.
My ex and I are divorcing, and she is in
the house with the kids, and I have no
problem with that. I'm renting a nice
house and when the divorce is done with,
I'll buy one too. My question is, what
about my stake in the home ($$)? She
makes more $ than I do (about $10K more a
year, maybe more by now), we agreed she
could stay in the house (for the kids
although we have a 50-50 custody
agreement) and I couldn't afford that
morgage payment on my own....
So do I try and force her to buy me out?
I don't think that's my major concern. My
thing is, I don't want my name off of the
note for a year then she turns around and
sells the house for literally a hundred
thousand dollar profit!! I doubt she
would do that, but then again I never
thought she'd cheat on me either!
I know someone out there has to have gone
through this, and I'd love to hear from
you!
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tarbaby
New User, Becoming EHEALTHy
Joined: 07 Jun 2005 Posts: 19
Posted: 05-08-07 15:13pm
A lot of this depends on the state that
you live in. Also the attorney you hire.
I know for example the state of Wisconsin
is 50/50 everything right down the
middle.
I think in most cases you are entitled to
half of the equity of the home at the time
of the divorce. She could have to buy you
out or when the house is sold later on.
Get a good attorney is my best advice for
you. I went through this all 3 years ago.
It doesn't mean you want to take
everything. You just need to make sure it
is all done fairly.
Good Luck!
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DPantelones
Experienced User , Rather EHEALTHy
Joined: 11 Jan 2007 Posts: 141 Location: ,
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Posted: 05-08-07 15:16pm
I was thinking that would be the reply i
would get...I'm really trying to avoid a
lawyer because things are going so well
and $ is TIGHT!
would it be legal if she and I put it down
on paper & signed, that if she sells
the house I get half of the equity? I
don't see how that would be fair as years
pass though, because she's paying the
morgage now, not me....so confusing!!!!!!!
Maybe I'd better consult with a lawyer..
Grrrrr
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sillyakchick
Moderator
Joined: 12 Apr 2007 Posts: 2701
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online
Posted: 05-08-07 15:31pm
Can you have the home assessed for its
current market value and agree that if and
when the house sells that figure is your
portion regardless of its final sale
value?
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DPantelones
Experienced User , Rather EHEALTHy
Joined: 11 Jan 2007 Posts: 141 Location: ,
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Posted: 05-08-07 15:44pm
Thanks! That's a great idea, but I wonder
if we need a lawyers blessing on whatever
we agree to or can we just sign it as a
document between ourselves. SOOO
CONFUSING!!!!!
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Isolde
New User, Becoming EHEALTHy
Joined: 13 Jun 2007 Posts: 3
Posted: 06-14-07 04:31am
My exhusband and I wrote out a separation
agreement, and I worked out what he had
contributed to the mortgage (as for a lot
of the time we lived in the house, I
supported him) plus half of the increase
in value.
E.G:- We bought our house in for £77,000.
In the two years we lived in it together,
it had increased in value to £80,000,
therefore he was entitled to half of
£3,000, so £1,500.
We have also paid off £3,000 of the
actual mortgage (we decided not to even
think about the interest rate on the
mortgage, but concentrate solely on what
had been paid off on the house). Of this
£3,000, he has only contributed £500, as
he was out of work for much of the time
and I was his financial support and paid
EVERYTHING from my wage. So we agreed
that his share in the property totalled
£2,000, and when I eventually sell the
property, whenever that may be, I will
give him £2,000 of the proceeds. The
rest of any profit will be mine, as I have
now taken over paying for the house by
myself again.
I don't know how this would work in the
states, but I got some legal advice when
we wrote up the agreement, and everyone
was quite happy with this.
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cablecar78
New User, Becoming EHEALTHy
Joined: 01 Jul 2007 Posts: 1 Location: Illinois
Posted: 07-01-07 18:56pm
If she does not buy you out, then your
name should stay on the house. Then, you
should get half of the net proceeds
whenever it is sold. I realize that she
will be paying the mortgage, but if you
leave your equity in the house, then you
should share in any future gains.
The earlier post suggesting setting an
appraised value now does not recognize
your financial loss of waiting for your
equity. It's like providing an
interest-free loan to your ex.
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MikeH90
Experienced User , Rather EHEALTHy
Joined: 21 Mar 2007 Posts: 330 Location: , Illinois USA
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Posted: 11-20-07 14:52pm
you should get your name off the note and
have the $ split. She can refinance if she
wants to keep the house and pay you your
share.
If you stay on the note your legally
obligated. Like what happens if she stops
paying the mortgage? You don't want your
credit ruined or having the bank come
after you.
