A few $ questions

[ilovelamp]

Hi there,
Here's our situation :
* bought a vehicle in 2008..she contributed $5K and I paid the remaining $20K
* we bought and moved into our home in summer of 2009 (I paid the entire downpayment)
* got married in Sept 2009
* we are separated as of April 2011
* she's currently living at our place and I've moved in with family
* she will leave our place once we've completed our settlement and I've paid her a lump sum, which she'll use as a downpayment for a new place
* I will return to our house..I may live it in, rent it out or sell it..I haven't decided
* we don't have children or pets

I've a got a few questions
1) I assume she's entitled to half the equity in the home. Does that take into consideration selling expenses (commission, staging, legal etc..). For example, let's say there's $100K equity in our home but the selling expenses would total $20K. Would she get $50K (half of $100K) or $40K (half of $100K - half of $20K).
2) Is she entitled to the $5k (minus % of depreciation) of the vehicle ?
3) She wants an appraisal. Who conducts an appraisal..bank or real estate agent ? How much does it cost ?
4) We'd prefer to write up our own separation agreement that clearly states what each of us is entitled to in terms of our assets. To be honest, I'd like to keep this as amicable as possible so that we don't have to take this to court. I'll download a template from this forum, we'll make modifications to our liking and then get it signed by a lawyer. Any risk to this ? How much should this cost me ?

Thanks in advance for your responses.

[Mess]

For the value of the house you use a professional appraiser. A real estate agent is knowledgeable but not certified. If you want to ask an agent and your ex agrees then you can go with that amount. However if you put it on the market there is no way of knowing if you will get that amount.

You need to look at your net (asset-debt) on the date of marriage and the net (asset-debt) on the date of separation. Look at hers. What is the difference. Split the difference. The value of the car is dealt with within this equalization. If you had no other asset and just want deal with this between you in a way you both feel is fair, then that is between you.