My husband of 14 years completely took me by surprise and asked for a separation a few weeks ago. We don't argue etc, completely out of nowhere. In saying that, we've been so exhausted over covid and no effort has been put into the relationship for a while. I should add, he refuses counselling and states that he had made his choice and its final.
My question is in relation to property settlement. How do they work out who is entitled to what percentage?
We have 2 young children and have just built a home. My mother wanted to offer him 20000 cash to sign the house over to me so I don't risk losing the roof over my kids head.
I have spoken to a mortgage broker who will help me cover the mortgage on my own which is amazing but I don't think I could afford to pay him out any more.
The house is worth about 660k and there is roughly 500k owing on it. We have equal debt.
I recognise that I will need to seek legal advice but I wanted some experiences etc.
Do you think my offer is OK or should I try and pay out his debt leaving him debt free (approx 30000).
So far it is amicable but I'd like to have it sorted before he moves out.
Can I please hear your experiences in relation to the house? What were you both entitled to? Kids will be with me 7 nights a week still.
3 Replies
Yep go for it. He may see it as unfair but equally he may not - he's made his decision to get out and not work on it, so he may well just pay it and go and that'll be best for you all. Worth a shot.
Who will have majority care of the kids? Personally I think it’s a low ball offer. But if he feels guilty he may go for it. Remember you will have co-parent with him. If there is $160,000 equity I think you’d need to offer at least 30% of that.
Just so you know, even if you sign something, it wouldn't be legally binding unless a lawyer signed off on it too. A lawyer would be required to explain that it was substantially less than what he is entitled to. I you have full care, it's fair to suggest he would get 40-45% of settlement, or 65 to 70k [ish] based on the figures you gave. If you signed something yourself and he didn't have independent council, it wouldn't be worth the paper it is written on and he can [successfully and without difficulty] make a claim down the track for the rest of what he should have received.
Get a lawyer and go through a legal and fair property division unless you want to come unglued down the road.