separation

[3 boys]

My ex and I have been separated for almost 3 years now, we have three boys (now 5,7,9), I have been to a lawyer that has not kepy in touch with me so I went to another lawyer and same thing he hasn' t got back to me either. I don't think we have a difficult case(maybe that's the problem) anyways my ex and I have agreed on mostly everything child support etc. The house is the only thing that isn't finalized he says that we , the boys and I can stay in the house his lawyer that he went to said he should get the equity owing on the house and the second lawyer I saw said that there is no equity owing on the house. We renewed our mortgage at the same time that we separated. My question is which lawyer is correct is there equity owing on the house ?? I'm very new to all this legal stuff and I'd like to get the divorce over with as cheap as possible. What could be keeping the lawyers from getting back to me?????????????

 

[logicalvelocity]

I would think you would need a professional appraisal completed on the house to determine its value before you could say whether or not there was equity available for division.

 

[3 boys]

separation

We had our house appraised due to the renewal of our mortgage and there was only about $1000 difference from our mortgage and the appraisal. The appraisal amount is used at the time of sepatation right? They can't use the one I have from this year right? I have done alot of work on the house since he left and I really don't want to get screwed.

 

[logicalvelocity]

I believe they will use the most recent appraisal unless the parties agree otherwise. Value of property increases significantly year to year. As an example my property increased in value 20% and the year before about 18% Thats a nice chuck of equity to have in a relative short period of time. Is your mortgage liabilty in both your names? What if something happened to you, who would the banks go after for mortgage payments. If your ex is sincere in this arrangement get a legal separation agreement with the terms and the ex's name off the deed. You will have to get your independant mortgage or the current mortgage may be assumable and transferred to your name alone. I can't see a lawyer turning away business. Perhaps Jeff can help you with this task. Contact him.

 

[nikitaforce]

As long as your ex and yourself are still on the deed and the mortgage, you are both owners and responsible for the house and the assets are shared. It is just like owning a business together. There are shared assets and liabilities. House can get messy and they will ask for all kinds of things when it gets messy. I had to get two appraisals done...one at the time of separation and one closest to trial date...and then the house sold after the trial for a less amount it got messy again.
It doesn't matter if you put the amount of repairs into the house...they will simply deduct that from the share of what it would cost to rent the home...some occupancy share you will owe him. You are definitely best to keep receipts for everything...repairs, mortgage, insurance, interests, and appraisals from separation and be prepared to get another one just prior to any agreement. And I would get a lawyer to figure all that out...it can get ugly otherwise.
If you and your ex can work it out equitably, you are far further ahead but educate yourself on what the bottom line may be so you don't agree to something that is too much of a compromise for you and your children.