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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #1  
Old 11-16-2008, 11:37 PM
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Default car and van payments

my soon to be ex wife is living in our house and has the van i dont mind this but know she wants me to pay for have the mortgage and van payment am i liable for these payments as she has these items please help
i dont want to sell or split the house up as she needs these items and can pay for them on her own
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Old 11-17-2008, 11:21 AM
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It is very difficult to offer any advice without first having a few details on the relationship/separation.

If she is still in the matrimonial home and has taken physical position of the vehicle and you are OK with this I would think that the onus would be hers to maintain payments.

Are there children involved?
If so are you paying child support or spousal support?
Has any litigation started through the courts if so where are you in that?

Need more details to offer advice or insight to other’s experiences.
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Old 11-17-2008, 03:35 PM
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Default heres more info

yes she is in the matrional home and she needs the van to go back and forth to work i have no need for the van or house i would rather the kids have a nice roof over there head but she insits i pay for half
the house is in both our names but she resides there i live with a friend
there are two kids involved and i agreed to pay the maximum amount of support from my last jobs 326 a month as i am on unemployment right know i still told her i would pay that amount no matter what or untill i get a higher paying job then what i had 18$ an hour preveus

she had her lawer contact me about child support and when i told her i was going to pay a higher amount than the courts she whent bonkers and asked for more.

we also have a couch and table we purchased together and she has these items at the house told her she can have them but she wants me to pay for half to
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Old 11-18-2008, 08:06 AM
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The general rule is that the custodial parent is offered the option of living in the home. If there is an issue of asset splitting as it seems this is what she is after by asking for more money and some "share of the mortgage".

I would seek to have a court decide the appropriate split as it appears that she is more interested in how much she can get rather then focusing on the best interests of the children. So I doubt she will negotiate with you outside the court room.

Kudos to you for standing up and paying CS and offering more if need be, many do not even do the basics. But for her to get all bug eyed over an increased offer and then to slap you in the face with a demand for even more is appalling. Especially when there are so many families living without any CS.

The courts will determine the assets as well as the debts, both are assumed to own both equally unless it can be shown otherwise. The courts take all asset values and subtract all debts then split any equity left.

If her primary focus is on the home, the courts will determine its value based on independent assessments provided by the parties. Minus any mortgage due, then a split of the equity.
IE let’s use simple numbers. If the home is valued at $250,000, and it bears a mortgage of $165,000, then the equity to split is $85,000. If she decides to stay in the home and it is worth more then is owed, as in this example, then she buys you out of your share of the equity, IE $42,500. If she refuses, and things do not progress to an amicable conclusion, the courts may force the sale in order to split assets, but this is an extreme result, and not common. This is basically how the courts split other assets as well, unless it can be shown that a debt or an asset belongs to one party or one party has a higher claim to the asset. Some times when a home is purchased one partner pays more towards the down payment, and if this can clearly be documented the courts “may” also rule that the equity is to be split in the same proportion as the initial investment.

Remember when a claim for Spousal Support is requested the formulas for division change. A simple example. If she is claiming SS and does not want to but you out of your share of the home equity, then you forgo the buy out and the share due to you then becomes a one time lump sum payment towards SS, and any remaining amount includes any significant asset that you allow her to take. One time lump sum payments will reduce any monthly SS payment as well as they are viewed as if it were cash in her hands. However, remember that asset splitting can be simple (when parties can negotiate) or can get very ugly and messy if they don’t and they have a greedy lawyer, and the assets get consumed by legal fees etc.
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