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  1. #1
    Join Date
    Dec 2006
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    9

    Default What is she entitled to?

    my wife and i are seperated (maryland)and I have agreed to, in the speration agreement(which is not notorized yet), that I will move back into our mobile home, stay in it for a period of 6-9 months(waiiting till spring to sell) then put the home up for sale. Also, if after a period of 1 year,(from move in date) if the home doesn't sell, I would get a loan to pay her 50% of the profits of fair market value of the home, if the home WOULD have sold. Taking in to account paying off the loan, then dividing the profits 50-50. I think that is fair and just, but she thinks I would have to get a loan to pay her half the fair market value of the home. I think that is absurd, but most laws regarding this are. She is moving out, she has rented her own apartment. If she wants to go that route then I will press that she still owes half the payment on the house since we bought it while we were married. Also, I could sell it for exactly what I owe on it and we will both be out some money.We are still splitting the bills we owe 50-50 but I have a feeling that will change once she moves out. I have moved back into my parents house until she could afford to move out. She is due to move out this coming weekend. She wants to have the seperation agreement notorized before she moves out. I should have a copy of her "adjustments" to the agreement tonight. I will most likely take them to a lawyer for a free consultation on the matter, but I wanterd to ask on here first for advice.

  2. #2
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    Sep 2005
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    Default Re: What is she entitled to?

    Explain that better. What do you think is the difference between the "fair market value of the home, if the home would have sold" and "half the fair market value of the home"? Why would her way require you to get a loan, while your way would not?

  3. #3
    Join Date
    Dec 2006
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    9

    Default Re: What is she entitled to?

    we owe less than the house would sell for. We put $30,000 down. The house was purchased for $74,000-$30,000= $44,000, so if I sold the house for $60,000, after paying off the loan, she would get $16,000/2 = $8,000. If the house doesn't sell, and a realtor states that fair market value is $60,000 my wife wants me to pay her $30,000 BIG DIFFERANCE I'll need to get a loan regardless, just how big of a loan.

  4. #4
    Join Date
    Nov 2006
    Location
    Texas
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    354

    Default Re: What is she entitled to?

    I would not agree to give her more than 1/2 of the EQUITY in the property....which is all she is entitled to. Equity is the difference between fair market value and any lienholder balance. So, in your scenario above, she should get $8,000.....not $30,000.

  5. #5
    Join Date
    Dec 2006
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    9

    Default Re: What is she entitled to?

    Please don't take ANY offense to this, but is that legal advice or opinion ?

  6. #6
    Join Date
    Jan 2006
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    38,867

    Default Re: What is she entitled to?

    Firsr, if the home does not sell within a year, your price it too high. I don't care what it is priced at.

    Fair market value:The price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market assuming a reasonable period of time for an agreement to arise.

    So, once you do figure out what fair market value of the house is, subtract any lein values from that, divide that by 2. That is what you would owe the future ex.

    The other part that comes into play is a real estate agent is not legally able to give you what you want. An appraiser is the guy your looking for.

  7. #7
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    Default Re: What is she entitled to?

    You'll excuse my prior question - I couldn't quite believe that your ex- would expect you to take on the entire balance of the mortgage while handing her half the value of the home.

    If you and your wife can stipulate to an appraiser, or agree to each pick your own (reasonable, qualified) appraiser and "split the difference" between the two valuations, it should short-cut the valuation process. If you can agree to an appraiser you both think would be honest, you would save paying for the two separate appraisals, and the risk that you would end up having to litigate if one of you obtains an appraisal that is unreasonably high or low.

  8. #8
    Join Date
    Nov 2006
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    Texas
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    354

    Default Re: What is she entitled to?

    My prior post is just my "life-experience" opinion, but I am not a lawyer. My opinion is based upon the fact that, if you were not divorcing and, as a married couple, chose to sell your home, all that you would net from the sale is any equity (purchase price minus loan balance and closing costs). So, if you divorce, why should she be entitled to any more than her share (half) of that equity. She can't expect half of the fair market value to land in her pocket, since you don't OWN that value. You only own the equity.

  9. #9
    Join Date
    Dec 2006
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    9

    Default Re: What is she entitled to?

    See responses below in Blue
    Quote Quoting jk
    View Post
    Firsr, if the home does not sell within a year, your price it too high. I don't care what it is priced at.The house would only be for sale for 3-6 months

    Fair market value:The price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market assuming a reasonable period of time for an agreement to arise. agreed

    So, once you do figure out what fair market value of the house is, subtract any lein values from that, divide that by 2. That is what you would owe the future ex.thats what i thought

    The other part that comes into play is a real estate agent is not legally able to give you what you want. An appraiser is the guy your looking for.thank you for clarifying that

  10. #10
    Join Date
    Dec 2006
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    9

    Default Re: What is she entitled to?

    See below in blue
    Quote Quoting Just Breath
    View Post
    My prior post is just my "life-experience" opinion, but I am not a lawyer. My opinion is based upon the fact that, if you were not divorcing and, as a married couple, chose to sell your home, all that you would net from the sale is any equity (purchase price minus loan balance and closing costs). So, if you divorce, why should she be entitled to any more than her share (half) of that equity. She can't expect half of the fair market value to land in her pocket, since you don't OWN that value. You only own the equity.
    thank you, at least I was thinking that through correctly

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