riod70
New
Reged: 06/30/08
Posts: 2
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to make a long story short been married 4 7yrs retired on disability moved out to texas purchased a house a year ago with all my savings. moved out 7 mnths ago and still paying the mortgage and every other bill in the house. she has 2 jobs and refuses to pay any bills. house is on the market as of may AND IS TRYING TO GET CHILD SUPPORT on top of every thing i spend equal amount of time with my son... does she get half of what the house sells for or jst 1/2 the equity? thanks
Edited by riod70 (06/30/08 11:02 PM)
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theanswerguy
Platinum
Reged: 04/12/07
Posts: 2179
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1/2 the equity .
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Never let your sense of morals get in the way of doing what's right. Isaac Asimov
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What will I lose
Platinum
Reged: 05/21/07
Posts: 739
Loc: PA
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[quote]to make a long story short been married 4 7yrs retired on disability moved out to texas purchased a house a year ago with all my savings. [/quote]
a house you owned for one year has virtually no equity..in todays market you may even have 'no' equity
id assume she gets 1/2 the down money if it was marriage money.
or wait, did you pay cash for the whole house? I may not be answering right. If you bought all for cash during the marriage i'd say she gets 1/2 what it sells for
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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ILMom
Gold
Reged: 12/03/07
Posts: 108
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She gets half the equity. For example,
You bought it for $80K.
It sells for $85K.
$5k in equity. She gets $2500.
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What will I lose
Platinum
Reged: 05/21/07
Posts: 739
Loc: PA
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[quote]She gets half the equity. For example,
You bought it for $80K.
It sells for $85K.
$5k in equity. She gets $2500. [/quote]
or if he bought it all cash (i'm still unclear on that) then she gets 42.5
plus even in your example, dont they have to back out the expenses of selling the house? I assume most places are 6% commission plus closing cost etc which would mean no equity
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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golightly
Gold
Reged: 04/10/07
Posts: 141
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IL Mom - I think you are confused. Your example only works if the home was purcahsed with non-marital funds (eg an inheritance) or if they married right after house was purchased).
The equity is the amount left from sale after the mortgage and any selling expenses are paid.
For Example:
Buy house for $80k
Put $20k down, borrow $60k
Over the year, make principal payments on mortgage of $3k
Sell house for $90k
Realtor commission: $5k
$90k sale proceeds
LESS:
($5k) RealtorCommission
($57k) Balance on mortgage
($1k) Closing costs/ misc. selling expenses
EQUALS:
$27k
1/2 = $13,500
You may be able to make some adjustments to this figure if you've been paying mortgage while she lives in the house, and you have also had to pay rent, but that's about what you're looking at, assuming equal distribution.
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Jada
Platinum
Reged: 06/02/07
Posts: 3316
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[quote]
or if he bought it all cash (i'm still unclear on that) then she gets 42.5
plus even in your example, dont they have to back out the expenses of selling the house? I assume most places are 6% commission plus closing cost etc which would mean no equity [/quote]
If you are buying your ex out, the courts won't take real estate commission or closing costs into consideration. It's current market value minus any mortgage(s) on it. What's left over after that is what is split.
The only time that real estate commissions and closing costs are considered are when they are actually incurred. And then you would be going by the verifiable actual costs.
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What will I lose
Platinum
Reged: 05/21/07
Posts: 739
Loc: PA
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[quote]
The only time that real estate commissions and closing costs are considered are when they are actually incurred. And then you would be going by the verifiable actual costs. [/quote]
the OP said it's on the market so commissions and closing costs will come into play.
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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Jada
Platinum
Reged: 06/02/07
Posts: 3316
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[quote][quote]
The only time that real estate commissions and closing costs are considered are when they are actually incurred. And then you would be going by the verifiable actual costs. [/quote]
the OP said it's on the market so commissions and closing costs will come into play. [/quote]
Yes, after it is sold. That's when the proceeds will be split. Not before. And in this market, they may be able to get a lower real estate commission depending on where they are.
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