Opinions please?!

iVillage Member
Registered: 07-02-2008
Opinions please?!
6
Mon, 10-20-2008 - 2:59pm
Okay, so as some of you may know STBX and I finally reached an agreement regarding custody. After I ran that and what we had discussed regarding the finances by my lawyer, he questioned whether or not it was equitable. So, essentially we own $133k on our house, county assessor has it valued at $147k. We're having a Realtor do an additional market analysis, and if it is valued above what we owe we will sell it. If it's not valued at what we owe minus commission for an agent to list and sell it, STBX will keep it. Now, he offered me $2500 IF he keeps the house. The thing is, per his financial affidavit we have $20k in assets and that's minus the debt. In addition we plan on refinancing our cars so that the debt is equitable, so essentially I would have $5000 in negative equity in the car plus $2500, and he would keep the assets. Does that seem fair? Please give me your honest advice and opinions. Is he trying to take advantage of me?
iVillage Member
Registered: 12-07-2003
Mon, 10-20-2008 - 7:42pm
I would not take any offers he makes until I talk to a lawyer.
Your post is confusing, you own 133K in equity in your home? And he offered you 2,500? That doesn't sound right. Even if he offered you 25,000 it doesn't add up... more info would help....
Liz
iVillage Member
Registered: 09-01-2008
Tue, 10-21-2008 - 2:08am
I think she meant they owe $133K on the house, that they have approx $14,000 equity in the house. In this case, you are looking at listing agent fees of probably $7000-$9000 which leaves you with $5000 - $7000 in equity. If $5000 is really closer, after the agent gives you the analysis with costs, then $2500 seems fair. If he keeps the house, he is really keeping $14,000 in equity, so I would maybe take $2500 now and then arrange that upon sale of the house in the future, he will pay you out the other $4500 that should be your half of the equity ($7000 total or 50% of the equity). Anyway, it might just be easier to have it over with. I would wait to see what the agent says and then run it by your lawyer - or talk with your STBX if you have a cordial relationship.
iVillage Member
Registered: 12-07-2003
Tue, 10-21-2008 - 9:48am
I do see what you are saying now, thanks for clarifying.
I don't think it would be fair for him to benefit from not having to sell the house and pay a commission, they should split the cost of the commission and she should benefit from it too.
iVillage Member
Registered: 11-28-1999
Tue, 10-21-2008 - 2:36pm
Assuming the valuation is right, you have $14,000 in equity in the house. If he keeps it, he should pay you $7,000 for your share. After all, he is getting the benefit of not selling it and keeping the equity. I am confused--do you have $20,000 in assets including the equity in the house or $20,000 additional? I am also confused about refinancing the cars--it's not so much what you each owe on the car, it's the book value minus the outstanding loan, so each car has an equity just like the house. What you should be looking for is 50% of the total value of the assets, so if your car is worth more, you might take less cash or something like that.
iVillage Member
Registered: 03-19-2003
Tue, 10-21-2008 - 2:43pm

The BIGGER issue for me is, if he stays in the house, that's what should be refinanced.


Karen ~ wildlucky4me ~

iVillage Member
Registered: 07-02-2008
Tue, 10-21-2008 - 5:20pm
Thanks ladies. I'm meeting with my attorney on Monday to go over our tentative agreement. I'm confused and just mentally exhausted at all the stuff going on. I feel defeated and just don't want to fight with STBX anymore. Part of me thinks $2500 is an insulting amount, especially considering that he has $16,000 in a retirement account- money he earned while I stayed at home with our daughter. In addition to that our house is valued at $147k, we owe $132, so essentially that is an additional $15k in assets. After our debt we have $20k in assets (sorry if I made that confusing in the prior post!). I know that part of me just doesn't want to fight anymore, and even part of me still pathetically loves him, so of course I want to be agreeable. When I really allow myself to think about the situation it just eats me up. Sure it's only $15k, but it's money he earned thanks in part to me, and the thought that one day he and some other woman will enjoy money I helped to accumulate just eats me up. I know, I know, I'm putting the cart before the horse and stressing about things that have not even happened, but I can't help it. And as much as I'd love to keep our house, financially it's just not possible, so now I get to stew over the thought that one day he might live here with another woman, and that just drives me insane. This is the house I picked out, where I've spent countless hours removing carpet and removing thousands of tack strips and staples from the floor, painted almost every room, planted flowers. I seriously envision myself chopping all of the plants apart like that scene from Mommy Dearest. Gosh, I may be losing it. On the bright side I have 2 interviews on Wed. and Thur. so maybe just maybe things are starting to look up for me.