Forums59
Topics1,039,139
Posts13,959,822
Members144,192
|
Most Online39,925 Dec 30th, 2023
|
|
Divorce Question
#13047498
01/31/19 05:16 AM
|
Joined: May 2006
Posts: 6,656
Kerry Dugan
OP
TFF Celebrity
|
OP
TFF Celebrity
Joined: May 2006
Posts: 6,656 |
I know this isn’t the correct place to ask this kind of question. But got 2 different answers from lawyers. Real quick, we have decided to do a non contested divorce, and at this present time we are civil. I know that has an option to change when we actually get down to some of it. We hope not, but who knows. We haven’t actually “hired” lawyers and neither really want to honestly. Wife did have a lawyer draw up the petition to have notorized and send through the courts. I read it and just wanted to make sure so I consulted a lawyer just to answer a couple questions. Her lawyer in the consultation told her to actually wait till divorce is final before selling the house The one I consulted said the opposite, said sell the home before hand My question is...
Has anyone been through this lately and if so, how did you do it?
Reel Thrill’s Guide Service Hybrid Striped Bass White Bass Richland Chambers Lake 469-891-1323
|
|
Re: Divorce Question
[Re: Kerry Dugan]
#13047504
01/31/19 05:47 AM
|
Joined: Jan 2006
Posts: 32,920
Scagnetti
TFF Guru
|
TFF Guru
Joined: Jan 2006
Posts: 32,920 |
Divorce is an accounting exercise
In the division of assets, which is detailed in your petition, who gets the house?
No children involved in the divorce I hope
|
|
Re: Divorce Question
[Re: Kerry Dugan]
#13047510
01/31/19 06:58 AM
|
Joined: Apr 2017
Posts: 12,178
tmd11111
TFF Guru
|
TFF Guru
Joined: Apr 2017
Posts: 12,178 |
Don't matter how much you make or don't make. She's entitled to half.
|
|
Re: Divorce Question
[Re: tmd11111]
#13047520
01/31/19 08:22 AM
|
Joined: Jun 2006
Posts: 4,248
Canino
TFF Team Angler
|
TFF Team Angler
Joined: Jun 2006
Posts: 4,248 |
Don't matter how much you make or don't make. She's entitled to half. Not if it's uncontested - in that case the parties just agree to a settlement and the judge signs off on it. Besides that, it's a lot more complicated than just 1/2 of everything. She isn't entitled to assets he owned before the marriage, or to certain things like inheritances, etc. I had an uncontested divorce. We went to one lawyer, who drew up all the papers. I was the complainant, so she signed her part of the papers and then that was it for her. I went with the lawyer to court, said "yes" to about 5 questions, the judge said OK and that was it. My ex didn't even have to show up. It was about 3 minutes in court. In my case the house had no real value because it was about 100% mortgaged (the housing market had just gone down quite a bit), so I got the house. In today's housing market, you could easily sell it before the divorce is final. I think what I would do, to be safe, is one of the following: 1. One of you buy the house from the other - agree on a value and one of you pay to the other 1/2 of the difference between the value and the mortgage. The judge can OK it and order the deed record to be updated as part of the proceedings as long as the lawyers do their part correctly (this is basically what I did but the payment amount ended up being zero so I paid her nothing and the deed was changed to just be in my name). 2. Sell the house and put the proceeds in an escrow bank account, and the day of the divorce close the account and each take 1/2 of the money. Agree that if it doesn't sell before the divorce is finalized, the proceeds will be paid into an escrow bank account to be split evenly once funds clear.
|
|
Re: Divorce Question
[Re: Canino]
#13047523
01/31/19 09:40 AM
|
Joined: Apr 2017
Posts: 12,178
tmd11111
TFF Guru
|
TFF Guru
Joined: Apr 2017
Posts: 12,178 |
Don't matter how much you make or don't make. She's entitled to half. Not if it's uncontested - in that case the parties just agree to a settlement and the judge signs off on it. Besides that, it's a lot more complicated than just 1/2 of everything. She isn't entitled to assets he owned before the marriage, or to certain things like inheritances, etc. I had an uncontested divorce. We went to one lawyer, who drew up all the papers. I was the complainant, so she signed her part of the papers and then that was it for her. I went with the lawyer to court, said "yes" to about 5 questions, the judge said OK and that was it. My ex didn't even have to show up. It was about 3 minutes in court. In my case the house had no real value because it was about 100% mortgaged (the housing market had just gone down quite a bit), so I got the house. In today's housing market, you could easily sell it before the divorce is final. I think what I would do, to be safe, is one of the following: 1. One of you buy the house from the other - agree on a value and one of you pay to the other 1/2 of the difference between the value and the mortgage. The judge can OK it and order the deed record to be updated as part of the proceedings as long as the lawyers do their part correctly (this is basically what I did but the payment amount ended up being zero so I paid her nothing and the deed was changed to just be in my name). 2. Sell the house and put the proceeds in an escrow bank account, and the day of the divorce close the account and each take 1/2 of the money. Agree that if it doesn't sell before the divorce is finalized, the proceeds will be paid into an escrow bank account to be split evenly once funds clear. I know exactly how a divorce works, my last one only cost me a little over $300k My comment about her being entitled to half was in jest. Just about a sure bet when she realizes she's not going to get what she thought it will turn ugly.
|
|
Re: Divorce Question
[Re: tmd11111]
#13047525
01/31/19 10:45 AM
|
Joined: Aug 2003
Posts: 30,320
RedRanger
burro desagradable
|
burro desagradable
Joined: Aug 2003
Posts: 30,320 |
Don't matter how much you make or don't make. She's entitled to half. Incorrect Assets acquired before marriage are separate property, like vehicles, houses, etc. Inheritance in Texas is also separate property Bank Accounts can be separate If you don't comingle funds or put your partner name on the account
|
|
Re: Divorce Question
[Re: tmd11111]
#13047526
01/31/19 10:45 AM
|
Joined: Aug 2003
Posts: 30,320
RedRanger
burro desagradable
|
burro desagradable
Joined: Aug 2003
Posts: 30,320 |
Don't matter how much you make or don't make. She's entitled to half. Not if it's uncontested - in that case the parties just agree to a settlement and the judge signs off on it. Besides that, it's a lot more complicated than just 1/2 of everything. She isn't entitled to assets he owned before the marriage, or to certain things like inheritances, etc. I had an uncontested divorce. We went to one lawyer, who drew up all the papers. I was the complainant, so she signed her part of the papers and then that was it for her. I went with the lawyer to court, said "yes" to about 5 questions, the judge said OK and that was it. My ex didn't even have to show up. It was about 3 minutes in court. In my case the house had no real value because it was about 100% mortgaged (the housing market had just gone down quite a bit), so I got the house. In today's housing market, you could easily sell it before the divorce is final. I think what I would do, to be safe, is one of the following: 1. One of you buy the house from the other - agree on a value and one of you pay to the other 1/2 of the difference between the value and the mortgage. The judge can OK it and order the deed record to be updated as part of the proceedings as long as the lawyers do their part correctly (this is basically what I did but the payment amount ended up being zero so I paid her nothing and the deed was changed to just be in my name). 2. Sell the house and put the proceeds in an escrow bank account, and the day of the divorce close the account and each take 1/2 of the money. Agree that if it doesn't sell before the divorce is finalized, the proceeds will be paid into an escrow bank account to be split evenly once funds clear. I know exactly how a divorce works, my last one only cost me a little over $300k My comment about her being entitled to half was in jest. Just about a sure bet when she realizes she's not going to get what she thought it will turn ugly. Next Time do a Pre Nup and have her seek separate legal advice
|
|
Re: Divorce Question
[Re: Scagnetti]
#13047527
01/31/19 10:46 AM
|
Joined: Aug 2003
Posts: 30,320
RedRanger
burro desagradable
|
burro desagradable
Joined: Aug 2003
Posts: 30,320 |
Divorce is an accounting exercise
In the division of assets, which is detailed in your petition, who gets the house?
|
|
Re: Divorce Question
[Re: RedRanger]
#13047541
01/31/19 11:24 AM
|
Joined: Apr 2017
Posts: 12,178
tmd11111
TFF Guru
|
TFF Guru
Joined: Apr 2017
Posts: 12,178 |
Don't matter how much you make or don't make. She's entitled to half. Not if it's uncontested - in that case the parties just agree to a settlement and the judge signs off on it. Besides that, it's a lot more complicated than just 1/2 of everything. She isn't entitled to assets he owned before the marriage, or to certain things like inheritances, etc. I had an uncontested divorce. We went to one lawyer, who drew up all the papers. I was the complainant, so she signed her part of the papers and then that was it for her. I went with the lawyer to court, said "yes" to about 5 questions, the judge said OK and that was it. My ex didn't even have to show up. It was about 3 minutes in court. In my case the house had no real value because it was about 100% mortgaged (the housing market had just gone down quite a bit), so I got the house. In today's housing market, you could easily sell it before the divorce is final. I think what I would do, to be safe, is one of the following: 1. One of you buy the house from the other - agree on a value and one of you pay to the other 1/2 of the difference between the value and the mortgage. The judge can OK it and order the deed record to be updated as part of the proceedings as long as the lawyers do their part correctly (this is basically what I did but the payment amount ended up being zero so I paid her nothing and the deed was changed to just be in my name). 2. Sell the house and put the proceeds in an escrow bank account, and the day of the divorce close the account and each take 1/2 of the money. Agree that if it doesn't sell before the divorce is finalized, the proceeds will be paid into an escrow bank account to be split evenly once funds clear. I know exactly how a divorce works, my last one only cost me a little over $300k My comment about her being entitled to half was in jest. Just about a sure bet when she realizes she's not going to get what she thought it will turn ugly. Next Time do a Pre Nup and have her seek separate legal advice Current wife earns more then double what I do. Why sell myself short with a pre-nup
|
|
Re: Divorce Question
[Re: Kerry Dugan]
#13047543
01/31/19 11:28 AM
|
Joined: Jul 2006
Posts: 49,422
RATZ
Activity Coordinator
|
Activity Coordinator
Joined: Jul 2006
Posts: 49,422 |
I don't know anything about divorce except they can get ugly. So sorry you are having to go through this.
|
|
Re: Divorce Question
[Re: Kerry Dugan]
#13047549
01/31/19 11:44 AM
|
Joined: Jul 2010
Posts: 9,519
TR176
TFF Celebrity
|
TFF Celebrity
Joined: Jul 2010
Posts: 9,519 |
I would follow your attorneys advice and sell the house before the divorce is final if it becomes a cash buy out the one who will keep it will need to get a loan for the mortgage and equity buy out. A big caution is if the original loan is not paid off and she is awarded the house no court order can erase your liability on the mortgage. If it gets past due your credit is impacted and you will be contacted to pay. If you go to get another loan you will have to add the mortgage amount to your liabilities and the monthly payment to your expenses when trying for a new mortgage. It’s true a divorce can be final after 60 days of filing but it can delayed until outstanding issues are resolved. There are mortgage brokers that specialize in these type of loans.
|
|
Re: Divorce Question
[Re: Scagnetti]
#13047570
01/31/19 12:34 PM
|
Joined: Jul 2010
Posts: 6,784
Ted Dyer
TFF Celebrity
|
TFF Celebrity
Joined: Jul 2010
Posts: 6,784 |
Divorce is an accounting exercise
In the division of assets, which is detailed in your petition, who gets the house?
No children involved in the divorce I hope This is the correct answer.
Courage - knowing something will hurt and still doing it. Stupidity - knowing something will hurt and still doing it. That’s why life is difficult
|
|
Re: Divorce Question
[Re: Kerry Dugan]
#13047574
01/31/19 12:37 PM
|
Joined: Sep 2005
Posts: 27,568
Uncle Zeek
aka "Dad"
|
aka "Dad"
Joined: Sep 2005
Posts: 27,568 |
Here's more information on the subject than you probably want to know. It may help you decide which is better in your situation (both attorneys are 'right', but the answer depends on whose interests they're looking out for). https://texaslawhelp.org/article/divorce-real-estateWithout knowing anything more than what you said, I find it is easier to divide up money in an escrow or bank account than it is to divide a piece of real property.
Last edited by Uncle Zeek; 01/31/19 12:41 PM.
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein Artim Law Firm, PLLC Estate planning & tax attorney 2250 Morriss Road, Suite 205, Flower Mound, Texas 75028 972-746-0758 mobile zac@artimlegal.com
|
|
Re: Divorce Question
[Re: Kerry Dugan]
#13047576
01/31/19 12:39 PM
|
Joined: Nov 2008
Posts: 25,752
elcoyote, esq.
TFF Guru
|
TFF Guru
Joined: Nov 2008
Posts: 25,752 |
Team wolfs I had to perform. It took a minute to get it all in my mouth and another five to swallow it all.
|
|
Re: Divorce Question
[Re: RATZ]
#13047589
01/31/19 01:08 PM
|
Joined: Feb 2013
Posts: 38,565
Frank the Tank
TFF Guru
|
TFF Guru
Joined: Feb 2013
Posts: 38,565 |
I don't know anything about divorce except they can get ugly. So sorry you are having to go through this.
Jesus loves all of us
|
|
Moderated by banker-always fishing, chickenman, Derek ðŸ, Duck_Hunter, Fish Killer, J-2, Jacob, Jons3825, JustWingem, Nocona Brian, Toon-Troller, Uncle Zeek, Weekender1
|