[Search for users] [Overall Top Noters] [List of all Conferences] [Download this site]

Conference quark::mennotes-v1

Title:Topics Pertaining to Men
Notice:Archived V1 - Current file is QUARK::MENNOTES
Moderator:QUARK::LIONEL
Created:Fri Nov 07 1986
Last Modified:Tue Jan 26 1993
Last Successful Update:Fri Jun 06 1997
Number of topics:867
Total number of notes:32923

682.0. "DIVORCE-SELL HOUSE?" by BINKLY::GATES () Mon Nov 18 1991 12:32

    Does anyone know what the laws are regarding the sale of a house in a
    divorce?  Is there anyway I can force her to sell? She will be happy to
    let me buy her out, I think because she figures she can get more from
    me than half of what we would be able to actually sell it for. I don't
    want to pay for the same house twice and would like to just sell it and
    split the money 50/50. She says it's "too much work now to get the
    house ready to sell and she doesn't have the time". 
    
    My undersatnding is that if it is sold now as part of the settlement,
    we both get a one time tax deferment on the capital gains, if we apply
    the money to a new house. But, if I let her keep the house until my
    daughter graduates, I can only use the deferment, if I buy her out and
    keep the house. If I take the money and buy another house, I am stuck
    for the full amount of capital gains. And she can still defer it if she
    buys another house. I am looking at losing something in the order of
    $20K, based on a selling price of about $120K.
    
    My half				Her half
    $60,000				$60,000
    -16,800 fed. tax 28%
    - 3,000 state tax 5%
    --------                            --------
    $40,200                             $60,000 if she buys another house,
                                                I think there's a time limit.
    
    
    Has anyone been through this? Is this really the way it is?
    
    Skip
    
T.RTitleUserPersonal
Name
DateLines
682.1AIMHI::RAUHHome of The Cruel SpaMon Nov 18 1991 12:433
    Skip,
    
    	Are there children in the divorce? What state are you in?
682.2tell me it ain't so!BINKLY::GATESMon Nov 18 1991 15:1326
    Yes there are two children, my son is 18 and away at Northeastern U.
    (you want to talk $$ in tuition, yikes!) and my daughter is 15. She is
    living with her mother in the house. I wanted my daughter to be able to
    finish high school in Auburn, so I agreed to let her choose who she
    would rather live with. She chose her mother. There are no problems 
    between us, she is just more comfortable living with my wife. So I kind
    of defaulted out of the house (at least until she graduates. We have a
    tentative deal to sell the house then). 
    
    My wife said that if I bought her out she would by another house or
    condo in Auburn, so that shouldn't change if we sold the house
    outright.
    
    I think she just wants to stick me with that particular house (not a
    bad house, but I could do much better with $60k in my pocket for a new down
    payment). She's already looked at some small houses for around 80-90K
    so she get's herself a sweet 20-30k mortgage, while I get stuck paying
    60K for a house I already paid for. 
    
    Of course you know that on top of it all I live in the wonderful state
    of Massachusetts. I would be really happy to hear of any one thing,
    just a little thing, a tiny little insignificant thing that is in MY
    favor. I suppose they could be putting me in front of a firing squad,
    but that would let me off too easy. A little p*ssed.... nah!
    
    Skip
682.3AIMHI::RAUHHome of The Cruel SpaMon Nov 18 1991 15:268
    Well Skip.... You could by her out later, and rent out to others to
    make up lost moneys and to pay for other horras that come along that
    makes one re-think the issues of matramonie... You are in a pickle, no
    doubt about it. The Peoples Republic of Mass has got many a good man by
    the reproductive short hairs there. So fret not, as they say in the
    gutar business! Is it an over done deal with the judge of injustice
    prosiding?? Or is he still standing in the wings along with the fat
    lady to sing??
682.4STARCH::WHALENVague clouds of electrons tunneling through computer circuits anMon Nov 18 1991 23:229
    re .0
    
    I'll admit to knowing nothing about divorce, but I would say that you
    should get yourself a (better) lawyer.  The example that you gave is
    not an equitable split of the proceeds.  The taxes should be subtracted
    before the proceeds are split.  (If the state doesn't agree with me,
    then it's worse than I thought.)
    
    Rich
682.5ALIEN::MELVINTen Zero, Eleven Zero Zero by Zero 2Tue Nov 19 1991 13:007
re:  .0


Don't forget any monies you have in eschrow when you do the split, however
that is done.

-Joe
682.6points of interestRAVEN1::ZELLNERTue Nov 19 1991 14:2712
    1. Try to negotiate with your wife. Your present agreement doesn't 
    sound too good for you.
    2. Study the laws in your state.(State to State, laws differ greatly)
    3. You may want to look into Joint Custody of the youngest child.
    4. Don't give away everything . Depending on State Law, your property
    is owned jointly.Half yours and half your wife's. 
    5. Customarily, whomever has custody will get most of the property.
    6. In my state the courts say that the wife and children are entitled
    to the same lifestyle after the breakup as they were accustomed to
    before the breakup.
    7. Good luck ! (You may need to look for a second job. But, lets hope
    not)
682.8After Thought....RAVEN1::ZELLNERWed Nov 20 1991 08:587
    re:.6
    The judge will also consider your wife's earning potential.If she can
    be self supporting,this will be factored into the settlement.
    
    Best Wishes,
    
    CZ