My wife and I separated 8 months ago after 22 months of marriage. She has a child from a previous marriage and has recently settled with him to get some child support but not according to the guidelines. We do not have a separation agreement yet as she wants everything, just give my furniture, etc I brought into the marriage. The matrimonial home was purchased by her however I know I have some right to the equity, however she thinks I shouldn't get anything. She is threatening to take me to family court to get child support as a step dad if I don't agree to her terms, basically walk away. There is approx $50 thousand in equity in the home.... after real estate fees to sell it and lawyers fees to fight it... is it worth it? What are your thoughts?
Re: Assets & Debts
My advice.... avoid court like the plague. If this gets stretched out for even 2 years, you're looking at at least $20K in legal fees, if not more.
Make a spreadsheet of all assets and debts on both sides (yours/her share of home, other assets, credit card debts, loans, etc.) If after all is balanced between you two, you stand to get $20K, then there are your legal fees if you got to court. Same for her. Which means you both end up with nothing and lawyers get the money. Now, if the equity in 22 months went up $200K, that's a different story.
Attempt to discuss with her the balance on the spreadsheet. See if she will see reason. Offer to walk away from your share of home and furniture equity if she picks up a credit card debt. Negotiate, negotiate, negotiate. You might have to walk away from the home but it will save you thousands in $$$ and stress later.
As for the boy.... view your relationship with him as separate from your relationship with your ex. Reflect on your relationship with him. Put yourself in his shoes. Will he be hurt if you disappear one day? How strong is his attachment to you? Little kids (under 6) heal fast but older ones (7-15) take separation pretty hard (academic research). How much will he gain by having you in his life emotionally? Will that mean you and his mom will be at each others' throats and will this be good for him? Is his dad a positive, constant presence in his life? Would you be ok with being a buddy in his life, someone he can talk to when he needs it? When you've weighed those factors, decide what you ultimately want to do. Offer it to your ex. You're of course entitled to go to court to fight for what you want. Just be aware of what you might lose in the process.
Cheers,
KayD