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Jabberdino
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Reged: 11/10/07
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KEEPING THE HOUSE - DEMANDS TO SELL
      #318386 - 11/10/07 04:01 AM

Hello,

My wife and I have separated and she has left the house and moved into an apartment in the same town. We have 3 young children and we have agreed that we will share custody of them 50% - meaning that they will live one week with me and one week with my wife in rotation. This has been Ok'ed and is working fine.

The house is in both our names and we have had it valued. The resulting payout for both of us has also been determined. I want to stay and continue living in the house but presently cannot afford to pay my wife out. Can she demand that I sell the house immediately to get her cut? Or can I wait until the final divorce settlement comes through by which time I could pay her out?

Any advice greatly appreciated.


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Goodmom
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Reged: 06/17/07
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Re: KEEPING THE HOUSE - DEMANDS TO SELL [Re: Jabberdino]
      #318393 - 11/10/07 07:03 AM

Quote:

Hello,

My wife and I have separated and she has left the house and moved into an apartment in the same town. We have 3 young children and we have agreed that we will share custody of them 50% - meaning that they will live one week with me and one week with my wife in rotation. This has been Ok'ed and is working fine.

The house is in both our names and we have had it valued. The resulting payout for both of us has also been determined. I want to stay and continue living in the house but presently cannot afford to pay my wife out. Can she demand that I sell the house immediately to get her cut? Or can I wait until the final divorce settlement comes through by which time I could pay her out?

Any advice greatly appreciated.




You don't have to do anything until a court orders it.

If I had to give my ex any money for my house, it would have been after everything had been settled and we got the final divorce judgement.

I don't think involved in the settlement actually changes hands until the judge signs off on the final order.

I would check with your attorney, though.


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Drew
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Reged: 07/30/07
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Re: KEEPING THE HOUSE - DEMANDS TO SELL [Re: Jabberdino]
      #318433 - 11/10/07 09:51 AM

As with all laws etc. I am sure the answer could/will vary according to jurisdiction.

In my case an order to sell was entered long before the process was finalized/over. And it is now over.

I still haven't sold and am dragging my feet in an attempt to allow my oldest to finish her senior year.

X will benefit from additional equity irregardless since this is a 15 year mortgage in its last 10 years.

X doesn't see it that way and is raising hell but let her take me back to court for contempt.

I am CP of our three children with sole and want to keep this place too. I built it (literally). It is home to our children and we have been really blessed with fantastic neighbors etc.

I have ROFR but need to recover from the financial devastation of the divorce in order to re-finance.
We have a lot of equity. Approx. 70% positive.

She will not accept an offer from me but demands that the property be listed. Oh well........

edit; Goodmom is 100% right. You don't have to do ANYTHING without an order.

--------------------
"living, learning, from my creator. you gave me life now show me how to live" c. cornell

Edited by Drew (11/10/07 09:53 AM)


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