Divorce while building a house

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Divorce while building a house

Unread postby Lion1234 » Mon Dec 18, 2017 9:23 pm

Hello

Wife and I bought a house last January. Knocked it down and started building another on in its place. It's scheduled to be completed in another 3 months.

Wife announced she wants a divorce but wants to keep the house. Since we never lived in it and it's not yet finished, how do I value it as an asset? Do I use it value as it is (unfinished) or wait till its done, then appraise it and use that? We have a fairly good guess what it will be worth when completed, I suppose we could use that also.

How does the whole buying out thing work?

Thanks in advance
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Re: Divorce while building a house

Unread postby BartSimpson » Mon Dec 18, 2017 9:47 pm

Hello,

We need to know what State you reside in?
Do you have children? If so, ages and gender?
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Re: Divorce while building a house

Unread postby TJinCA » Mon Dec 18, 2017 10:55 pm

Well if your wife wants the house and you're looking for an advantage, the best thing for you is to assign the highest possible value to the house so that you get more in exchange. But it's to her advantage to assign the lowest possible value so she has to give you less of other assets. So if either of you is trying to press an advantage there's something that you can have some bitter fights about.

My personal opinion is that either an estimate of the completed value (unless you're both agreed you can talk to a local real estate professional for an unbiased opinion) or an appraisal after completion would be fair and appropriate.

How is the house being paid for? Is there a mortgage and/or construction loan to consider? Or is it otherwise being financed by marital funds?
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Re: Divorce while building a house

Unread postby Tom Kirkpatrick » Mon Dec 18, 2017 11:24 pm

Lion1234 wrote:Hello

Wife and I bought a house last January. Knocked it down and started building another on in its place. It's scheduled to be completed in another 3 months.

Wife announced she wants a divorce but wants to keep the house. Since we never lived in it and it's not yet finished, how do I value it as an asset? Do I use it value as it is (unfinished) or wait till its done, then appraise it and use that? We have a fairly good guess what it will be worth when completed, I suppose we could use that also.

How does the whole buying out thing work?

Thanks in advance
Whose name(s) is on the deed??.....and on the mortgage??

Tom
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Re: Divorce while building a house

Unread postby Lion1234 » Mon Dec 18, 2017 11:57 pm

NJ
2 boys, 12 and 8
Deed is on both of us
Mortgage is on me. I got that this is my ace in the hole, so to speak.
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Re: Divorce while building a house

Unread postby massdad1234 » Tue Dec 19, 2017 8:27 am

unless you have iron clad documentation as to how the house was funded solely out of non-marital funds, half of whatever the asset is hers.

What are your custody goals?
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Re: Divorce while building a house

Unread postby Lion1234 » Tue Dec 19, 2017 9:04 am

Not sure about the custody yet. Joint legal for sure. Probably something along the lines of every other weekend, alternating holidays, some amount of vacation time.

All too new to me.

What I am trying to understand is whether there is any difference between a house we actually lived in and the one we never did, like this one, that is still under construction. We sold the place we resided in to find this one, but we have never lived in it.
Last edited by Lion1234 on Tue Dec 19, 2017 9:10 am, edited 1 time in total.
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Re: Divorce while building a house

Unread postby LovingDadof2 » Tue Dec 19, 2017 9:09 am

Lion1234 wrote:Not sure about the custody yet. Joint legal for sure. Probably something along the lines of every other weekend, alternating holidays, some amount of vacation time.
Wait, what?

Don't you want to spend 50% of your time with your boys? Why are you conceding to be an EOW dad? You are in the wrong place if you are going to give up on your kids so easily. Your boys have no say and are counting on you. Stand up and fight to raise your boys!
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Re: Divorce while building a house

Unread postby Lion1234 » Tue Dec 19, 2017 9:14 am

LovingDadof2 wrote:
Lion1234 wrote:Not sure about the custody yet. Joint legal for sure. Probably something along the lines of every other weekend, alternating holidays, some amount of vacation time.
Wait, what?

Don't you want to spend 50% of your time with your boys? Why are you conceding to be an EOW dad? You are in the wrong place if you are going to give up on your kids so easily. Your boys have no say and are counting on you. Stand up and fight to raise your boys!



Yes, but their routine with living in 2 houses would be too disruptive to them I feel.
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Re: Divorce while building a house

Unread postby BartSimpson » Tue Dec 19, 2017 9:15 am

You live in a home now with the children - are you renting?
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