Who gets house profit? - Page 3 - Talk About Marriage
Financial Problems in Marriage When financial times are tough, it adds to the stress we deal with on a daily basis. This section is for talking about how financial problems affect our relationships and ways to cope.

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post #31 of 37 (permalink) Old 03-08-2016, 12:09 PM Thread Starter
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Re: Who gets house profit?

I did quickly mention it to them, but even their combined yearly income doesn't help put it over $100,000. They could live there and pay rent to help pay mortgage, but still does not help get mortgage. Thanks

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post #32 of 37 (permalink) Old 03-08-2016, 12:15 PM
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Re: Who gets house profit?

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Exactly refinance. Then he doesn't want his name on the deed or mortgage. Great. But when I need to fill out the paperwork I will not be able to qualify for a new mortgage. At least that's what the banks tell me.
I am not trying to sound mean, but have you run the numbers on this? You can't afford this house.

Home value (you) - $410,000
Down payment - $10,000 (Assume you go with deal #2)

Total loan - $400,000
Interest Rate: 3.50% (I'm being very liberal)
Monthly payment - $2,346.18 (including escrow, 30 yr fixed)

Your income - $44,000 (gross) / $35200 (net, rough) / $1,353.85 bi-weekly


That's like 86% of your take home pay. Of course your bank will not refinance your loan, you simply cannot afford it. I hate to tell you, you would be best served to sell the home and find something more affordable.

As for the division of property, it really depends on how your state views the comingling of funds. One thing I will tell you is that if the two of you can reach an agreement without going to court, it will save you a lot of money. You have already figured out that lawyers are just out for money, do without them as much as possible.
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post #33 of 37 (permalink) Old 03-08-2016, 12:51 PM
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Re: Who gets house profit?

By the way, in case this hasn't been mentioned yet it isn't really the whole $46K that he should be entitled to. Presumably you've been paying down his $46K loan over the past 9 years using marital assets. So the $46K really is just whatever amount that loan balance is. For example, if you've paid $10K down on that $46K loan through marital assets, then he only gets $36K back from the house sale since he already has taken in $10K.
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post #34 of 37 (permalink) Old 03-08-2016, 01:01 PM
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Re: Who gets house profit?

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Originally Posted by Bananapeel View Post
By the way, in case this hasn't been mentioned yet it isn't really the whole $46K that he should be entitled to. Presumably you've been paying down his $46K loan over the past 9 years using marital assets. So the $46K really is just whatever amount that loan balance is. For example, if you've paid $10K down on that $46K loan through marital assets, then he only gets $36K back from the house sale since he already has taken in $10K.
Depends. If the other house collects rent, and that rent is used to pay off the debt, then the whole 46K could be up for grabs. Good point though.

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post #35 of 37 (permalink) Old 03-08-2016, 07:30 PM
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Re: Who gets house profit?

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Thank you. That pretty much sums it up. I hope it does sell for more then $410,000..the neighborhood has changed so it dropped prices.
Banks won't mortgage a property for more than it's appraised value, generally. So, at best, you'd get the $410,000.00 appraised value. However, buyers usually offer less than appraised value if they can get away with it. Unless the neighborhood is hot and there is a bidding war, you're probably looking at selling for market value or a bit less.
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post #36 of 37 (permalink) Old 03-09-2016, 10:04 AM
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Re: Who gets house profit?

OP I would expect to negotiate down from the "Market Value". But I don't sell residential real estate, I only work on the commercial side, so take my comment with a grain of salt.

My guess is that you will be selling the house for ~$390,000. Which means they will be taking a significant loss. It's possible that if you H's contribution is not considered a marital asset that you will see no cash from the sale of the house. If it sells low enough, you may be paying your H for the loss.

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post #37 of 37 (permalink) Old 03-11-2016, 02:01 PM
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Re: Who gets house profit?

If the house was bought during the course of the marriage, then in most states the money either party puts into it is considered marital and mixed. Doesn't matter the source after the seal is broken.

Original house(pre-marriage) - Money from that is his.

New house(post-marriage) - Marital asset.

Money from any source, to include original house, that has been mingled is mingled and marital. If he sold the house for 200k(example) and put the funds into a retirement. Half is yours. Savings? Half is yours. Savings in his name only, his, all his.

So... If the 46k went to house you purchase together with both names on it, it's marital as the whole. Almost always. If you ever signed a quit claim deed, etc, it can change that.

If the 2nd house was also pre-marital, then you are entitled to 50% of any equity generated, minus initial investments. If there is negative equity(loss) you are liable for 50% of that. Two-way street. My ex learned that when she wanted her half of the house she lived in for a whopping 2 months that was in the red.
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