Divided property question

johnnybozzz · 2023-03-09T01:55:32+00:00

Careful with the valuations, lawyers will charge on both sides to sort this out. A $500 couch can turn into a $100 couch after you both pay your lawyers/paralegals to argue about the valuation. I would get a shared spreadsheet going, list all the things in the house, estimate their value and then see if you agree. Big ticket items are the real thing to look at. Accept you are going to take a loss on the little things in order not to pay to keep them.
- Vehicles are easy, they have a valuation (kbb.com)
- House will need an estimate from an appraiser (that's worth it)
- Kids, if you have them be extra flexible... you are stuck with this woman until they are of age
Bottom line: Don't pay dollars to save dimes, be flexible

Dangerous_Item_6879 · 2023-03-09T02:00:23+00:00

Focus on the big ticket items that can easily be appraised. House and car.

If she wants the house and car she has to give you something of equal value. Like retirement accounts, cash or decreased alimony.

If you cannot come to an agreement on the 50/50 split of assets then the judge can order that the house be sold.

ciscokid12345 · 2023-03-09T02:26:17+00:00

unless it’s a new car you paid cash for, save yourself $50,000 of attorney fees and give it to her. Make her qualify for a new loan to refinance your name off the title though or she’ll stop making payments and ruin your credit.

If she can’t qualify for a loan, or doesn’t want to, go sell it and give her half the money with receipts that it was a fair deal.

if you didn’t take it with you, the stuff in the house is gone. get new stuff. get a new car. get a new life and forget about all the old things.

Kenuven · 2023-03-09T07:16:26+00:00

If your previous post about $100K in debt is still accurate, it's likely you will both end up with nothing and have to sell everything then split the remaining debt.

SII75 · 2023-03-09T01:50:23+00:00

Your lawyer would the best source of information but from my understanding, it’s 50/50. You need to gather all assets and minus the liabilities and divide that 50/50. If she wants the house, she just needs to buy you out. Something is missing or not right if you think you are getting pennies. Same for the car. She needs to buy you out of any equity that might be in it.

WartimeDad · 2023-03-09T06:13:31+00:00

I was in your shoes. Hate to say it but.. I ate it. I ate the turd. Don’t know what else to tell you except that it’s all good in the end.

Edit: I came back to comment that you should remove emotion from it and look at it as purely a financial decision. Is the cost of litigation > gain?

dday_throwaway3 · 2023-03-09T10:51:49+00:00

The financial split is straightforward: Add up all marital assets and liabilities, then divide by two. You each get half. Divorce focuses on who keeps which car, who keeps the home and pays the other their equity share, and splitting financial accounts. When it's all said and done, the ledger balance on both sides will equal out. Someone will have more debt from credit cards or car loans, which means they'll have more money from the home equity or financial accounts.

With regards to home furnishings, don't put too much thought into it. The valuation on those kinds of things is at best 30% of what you paid for it -- otherwise known as what you might be able to sell it for on Craigslist. Personally, I gave my ex 90% of the home furnishings. I didn't want most of the crap which she bought, and next year's model is better anyway.

Title	Divided property question
Author	keefhalek
Upvotes	6
Comments	8
Date	March 9, 2023 1:35 AM UTC (3 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/11mewqg/divided_property_question/
Archive Link	https://theredarchive.com/r/Divorce_Men/divided-property-question.1173088 https://theredarchive.com/post/1173088

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