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-   -   Undervalued Assets on Financial Statement (https://www.ottawadivorce.com/forum/showthread.php?t=22780)

Wid 10-15-2019 10:29 AM

Undervalued Assets on Financial Statement
 
My STBX and I exchanged financial statements and despite the fact that she makes almost double what I do, has RRSPs etc. and even a more expensive vehicle etc.. I was $30k above on the NFP.

I looked more closely and one thing that caught my attention was the house was undervalued by approx $100-130k.

I made mention of it and she responded, well maybe my lawyer was just trying to do this in my best interest?

Also, when I said, there is no mention of any debts at the date of marriage?, she said, that doesnt matter. When, I said, I included mine and adjusted everything accordingly she was now in support of this, but proceeded to say, how would I know what my debts and credit card was that long ago?.

I have since had the home appraised and currently she seems on board with agreeing to a more acceptable value.

This entire process honestly just feels like a waste of time and excess money as it feels more like I am bartering with a dirty salesman as opposed to trying to accurately, fairly and efficiently assess the situation.

I am sure there is nothing that I can do but it is frustrating to say the least. Any comments?

Stillbreathing 10-15-2019 04:51 PM

Welcome to the family law litigation arena where lies reign supreme and justice is a Hollywood fantasy. The goal is to get out as quickly as you can before youve been financially, emotionally and psychologically devastated by the system. What you are going through is a mild and perfectly normal part of family litigation.

Wid 10-15-2019 04:54 PM

What a shame :(

It is what it is then....

Thanks

rockscan 10-15-2019 05:06 PM

Major debts should be included. Minor ones like a few hundred on a credit card are irrelevant. Value of the home is subjective and hard to agree to.

Ask yourself this: would the cost to fight her on a few thousand be worth having that few thousand on the balance sheet?

If you are fighting for a result that is equal to or less than your legal bill you see nothing. If you have proof of the debts and assets and a medium range appraisal on the house then put it forward in your material, otherwise let it go and move forward on your case.

Little things like this are frustrating but they cost more than they are worth.

Wid 10-15-2019 05:11 PM

Thanks for the common sense. I am not too worried just frustrated. The amount is likely $20k (my recorded debt at date of marriage was $24k). I am tempted to hand over all money to her in exchange for equal custody. I know it doesnt work that way but money and materials just look like meaningless stuff... however security and providing for my children cant come second place. It just feels like either I burn it on legal fees or use it as leverage for what really matters... our children. It all feels like a gamble and a waste.

Thanks

iona6656 10-15-2019 05:21 PM

Undervalued Assets on Financial Statement
 
Quote:

Originally Posted by Wid (Post 238829)
I know it doesnt work that way but money and materials just look like meaningless stuff... however security and providing for my children cant come second place. It just feels like either I burn it on legal fees or use it as leverage for what really matters... our children. It all feels like a gamble and a waste.



Thanks



It worked for me. I took a 40k hit to get the parenting arrangement I wanted. My ex felt like he won when it came to money. Cause he did. But custody was the only thing that mattered to me.

And I did use money as leverage because I knew my ex wanted it. He got it. But if I had just said oh well, its just money- i wouldnt have had any bargaining chip. Dont let her know you dont care about the money if she does.

Wid 10-15-2019 05:47 PM

Very good point. Thanks :)


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