brokenhead
recently joined
Reged: 11/16/10
Posts: 1
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I am planning on legal separating from my wife. I am the breadwinner and my wife is a stay-at-home mom. I am planning on 50/50 custody (my boys are 15/16), I know I am in for some fairly long term alimony, and 1/2 CS. The issue is I know my wife isn't going to go all out to support herself (she has asked several times if I would "support" her "forver") even though she has a MA in education I just know she isn't going to unless forced to strive to get a good paying job.
We own our 500k house outright, and I think I can get her to agree to sharing the house as an investment till the kids are in college (I could buy her out but she is going to fight that while the kids are still around).
So what to do if I am the one moving out. I have enough cash to buy a <300k home (tiny but liveable in my area) outright.
The big question is do I buy or rent? I'd rather buy but it dawned on me that maybe I should get a larger house or a mortgage on the new home to create some debt (right now we have none).
What are the tax/financial advantages. I pay 8k taxes on the current home and likely on the other home I am looking at 4-6k in taxes as well. I know in the short term I am going to be footing the bill for 2 houses, 2 taxes, 2 insurances, and on and on....especially if the soon-to-be-ex decides working might be a little "stressful" :-)
Any advice here or things I should be thinking about?
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Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
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If you can afford the house you own then you should stay. If she buys you out, can she afford the 250K mortgage? In times of divorce I would suggest that one person keep the family home, for the kids, if possible. It is the one thing that is somewhat normal to them.
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13.1...because I am only half crazy!
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kev1n56
recently joined
Reged: 09/27/10
Posts: 21
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why not go for full custody? your boys at 15 and 16 certainly do not require a stay at home mom. stay in the home you are in and take a 250,000 mortgage to buy out her half interest. negotiate the alimony because unfortunately it is indicated here but should be just rehabilitative alimony allowing her time to find a JOB in teaching somewhere. take the initiative and dont rollover and play dead. im sure their are issues here which i have no knowlege of, but why should you move out?
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Avaya
Carpal \'Tunnel
Reged: 02/09/06
Posts: 9823
Loc: Arkansas
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Whatever you decide to do, I wouldn't buy a new home outright - you may need the money you have in savings in the months and years ahead. Maybe you could buy something affordable but pay a mortgage instead of cash - unless you're confident (and with NO current debt, that may not be easy, how will a lender know you're a good credit risk?) secure a LOC if you need it later on.
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Eternity is too long to be wrong.
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