I can’t thank you enough for this Forum!!! I’m so grateful to be able to ask Q’s. The pieces are coming together; it’s so comforting and we’re started to see our way through the fog… there’s a light out there that we can see! And this forum helps to clear the fog.
Again–about my daughter’s separation. It seems STBX intends to keep the house and daughter says he was offered better job (that right b/f the separation) and so maybe he actually (who knows?) CAN afford to pay the mortgage alone. The DV judge decreed they can only text about bills and their daughter.
OK, so… here’s the Q (and I did look over the PDF download of the example Separation Agreements from Rosen; great! but there is no example of this situation).
He can’t afford to buy her out of the mortgage and one would highly doubt if he could get a loan and purchase the house himself. We don’t know if there is any real equity in the house now–and don’t know how you’d figure that out; maybe calling a realitor and asking the current market value–? Is that feasible or is there a better way? Like they each make phone calls, get an idea of the market value currently and then agree upon a figure and enter than into the separation agreement to be payable to her at a future time when the house is sold? That seems a bit risky but he has no $$ to buy her out and I doubt he can get it refinanced (with the state of the economy, etc.)
My thought here being this–if this could be determined… what her current share of the home equity (if any) was/is at the time she separated (3 wks. ago)… would it be in her best interest to put in a separation agreement that he assumes mortgage and she remains on the mortgage retaining the right to force the sale if he defaults and that if or when the house is resold, that he THEN pays her a share of profits? Or that in 5 years she has some right to claim equity by forcing him to take out a 2nd mortgage to pay her or something like that??? Or is that whole scenerio not a good idea?
The point being, he can’t buy her out even if he wanted to (they’ve been living paycheck to paycheck) and i dont’ think he could qualify for a loan to purchase the house … nobody would do that deal since they have some late payment history.
He did call the mortage holder and is catching up on the payments— or so he text to her phone. She can see online if he has made payments and the truth about that will soon be known.
How is that type of scenerio worded in a separation agreement so that she doesn;'t loose any rights to money if/when the house is sold?? I feel pretty certain that he does want to keep the house, knowing him–he really needs a garage to work in and for him, apartment living would make him crazy. In order to rent a home with a garage it would be as much as the current mortgage and this is why I believe strongly that he will actually try to keep it and with the new job may actually be able to do that.
Meanwhile, back at the ranch…
What is the best advice for my daughter or how do other people handle this type of scenerio as far as putting it in a separation agreement and keeping her from taking any kind of possible loss (if there actually ‘is’ anything to loose)??
Thanks for any input or guidance!