Hi all, hoping to get some opinions. Here's some quick background.
1. STBX and I have been living in the same house together for almost a year now
2. Two child 5 and 7 - we have been doing shared custody for the last year i.e. status quo is 50 / 50 hence I won't leave the house
3. STBX and I had discussed settlement i.e. sell the house and continue 50 / 50
4. STBX renegged on shared custody when I didn't agree with paying her $140K off the top of the sale of the home to pay off her rental condo line of credit i.e. this debt is secured against the rental condo. Matrimonial home is mortgage free but she claims this is a debt of the home because I pulled funds from line of credit to pay down mat home mortgage. Mortgage originally was $340K. Truth is I pulled funds from many sources to pay this down over the last 4 years i.e. my bonuses, lump sum payments from salary, my investment account, my sale of a rental property.
So in short, she is holding shared custody as ransome for me to give her the $140K off the top and because I disagreed she renegged on shared custody.
She is now indicating that she will file a motion to sell the house and seek the $140K off the top and rest remain held in trust until equalization can be determined.
My questions.
1. I do want to sell the home and move on too but not on ridiculous terms. What should I do when I am served the motion to sell the home?
a) Offer to settle before date but indicate proceeds are 50 / 50? Show payments to mortgage were made from many sources as part of normal operation of household finances? Seek costs.
2. If the house is sold, what becomes the custody arrangement post sale? Does our 50 / 50 status continue? Or should I be doing something i.e. add a cross motion to their sale of the home motion? Other?
Any help / thoughts, course of action would be greatly appreciated!
1. STBX and I have been living in the same house together for almost a year now
2. Two child 5 and 7 - we have been doing shared custody for the last year i.e. status quo is 50 / 50 hence I won't leave the house
3. STBX and I had discussed settlement i.e. sell the house and continue 50 / 50
4. STBX renegged on shared custody when I didn't agree with paying her $140K off the top of the sale of the home to pay off her rental condo line of credit i.e. this debt is secured against the rental condo. Matrimonial home is mortgage free but she claims this is a debt of the home because I pulled funds from line of credit to pay down mat home mortgage. Mortgage originally was $340K. Truth is I pulled funds from many sources to pay this down over the last 4 years i.e. my bonuses, lump sum payments from salary, my investment account, my sale of a rental property.
So in short, she is holding shared custody as ransome for me to give her the $140K off the top and because I disagreed she renegged on shared custody.
She is now indicating that she will file a motion to sell the house and seek the $140K off the top and rest remain held in trust until equalization can be determined.
My questions.
1. I do want to sell the home and move on too but not on ridiculous terms. What should I do when I am served the motion to sell the home?
a) Offer to settle before date but indicate proceeds are 50 / 50? Show payments to mortgage were made from many sources as part of normal operation of household finances? Seek costs.
2. If the house is sold, what becomes the custody arrangement post sale? Does our 50 / 50 status continue? Or should I be doing something i.e. add a cross motion to their sale of the home motion? Other?
Any help / thoughts, course of action would be greatly appreciated!
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