memomma Posted June 9, 2005 Share Posted June 9, 2005 I've signed the divorce papers and am waiting for him to sign as well. Originally I had planned to sell the house and divide the profits 50/50. Now I'm not sure that is the best thing to do or not. I am considering keeping the house and buying out his share but am not clear how this would work. I assume I would find out what we owe on the house, have it appraised and then pay him 50 % of the difference. I guess that would require a home equity loan on my part in order to come up with the money. Any advice on the pros and cons of making this decision? I really love my home and my kids still live here with me. My oldest daughter has asked to move back home and I would like to be able to help them until they are all ready to be on their own. They are 21, 19 and 16. I also provide a home to a child who is handicapped and ideally it would be to his benefit to remain with me until an opening in a long term care facility occurs. I just hate to have to move, get divorced and buy a new home all at once. I'd rather get divorced and then decide what I'm going to do. Link to post Share on other sites
tiki Posted June 9, 2005 Share Posted June 9, 2005 When I got divorced, my exH gave me 1/2 the equity in the home. Unless the house is paid for, he cannot really expect to get half of what the home is worth. A house is a great investment and chances are, you haven't LOST money. But if you love the house, there's no need you should move. Good luck, hope it all works out for you. Link to post Share on other sites
MWC_LifeBeginsAt40 Posted June 9, 2005 Share Posted June 9, 2005 You won't need to come up with any cash to buy out his equity. Meet with your banker together. Here is how our deal went: -Purchased house for 90,000 in 1997. -Marriage Ended in 2005. -Owed 50,000 on house. -House was appraised at 135,000 (prices have gone up alot here!) -Equity = 85000 (135000 - 50000) -He kept the house so his half of the equity was added to his mortgage so he now has a mortgage of 92,500 (50000 + 42500) I got paid out 42,500 and was able to put a down payment on a new home, buy furniture, and pay the lawyer bills. I hope this helps in your situation. He actually had to re-mortgage the house and to do this you would still need to qualify as if you were purchasing the home for the first time. The good thing is you can take advantage of a lower payment if the interest rates have gone down. Link to post Share on other sites
brashgal Posted June 9, 2005 Share Posted June 9, 2005 In some states you can postpone having to pay your ex for his half until your 16 yr old becomes 18. I'd stay if you really love it there. Link to post Share on other sites
Author memomma Posted June 10, 2005 Author Share Posted June 10, 2005 Just want to say thanks to everyone for the information. It's a little overwhelming and even though I've been very specific with him in a letter asking about me staying in the house...he just keeps saying he hasn't had time to think about it. He works the midnight shift as a security guard....I think he had lots of time to think about it myself. Anyway....he still hasn't agreed to check into doing this. I asked him again tonight and he refused to answer me. My dilemma is giving my daughter who wants to move back home an answer as well as giving the state an extended date that the handicapped child can remain in my home. I know it sounds confusing because it is. It's not just a matter of me wanting to keep the house......which I do......it's also a matter that concerns four other individuals.....my 3 kids and the child who lives with me. I just need to know what I'm going to do so I can plan how to do it. Thanks again for all the encouragement and information. It's a big help......huge help to me right now. Link to post Share on other sites
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