My ex and I separated and we have already had the property settlement done in court. I have to pay him a set amount of money. The court did not order the house to be sold, but I can only pay him his share if we sell the house. However, his child support payments have just been adjusted, and are quite a bit higher now than when we did property settlement in court. It would mean in 4 years time, he would have saved paying me what he is supposed to get under settlement. It also means the kids (3 and 6 years old) and I would not have to find somewhere else to live, move etc. I can refinance whats left of the mortgage into my name without a problem, plus save real estate fees, solicitors, removalists etc too.
Should I offer him no more child support payments ever, if he signs the house over to me? I can't find a website that offers this kind of advice to people.
I live in rural NSW, Australia-that might be important to know legally?
2006-12-16 00:14:08 · 6 answers · asked by mudgeemum 2 in Family & Relationships ➔ Marriage & Divorce
Maybe. Ownership of the property would be a good thing as long as the price is not too high. First thing to figure out: what is his equity in the house? Get as reliable a valuation on it as you can; you may wish to get a formal appraisal. (More on this later.) Subtract the value of any debts or mortgages to get its current net value. I presume that each of you has a half interest, so divide the net value by 2. That is the value (in current dollars) which you are trying to acquire.
Next question: what is the value of the payments you are getting? This is a net-present-value calculation; you have a stream of payments coming in, but because of interest, future payments will be worth less than payments today. The payments end at some future date (i.e., child reaches majority). You will need to ascribe an interest rate; if the payments are to be adjusted for inflation from time to time, the interest rate will be fairly low (perhaps 3%). A financial calculator will give you the net present value of the income stream.
Now you have the two important numbers: what his share is worth, and what you have to give up to get it. A simple comparison will give you an overall sanity check on the idea. I would bias the results somewhat in favor of purchasing the house as its value will probably increase over time; you can do some work with your financial calculator to get a notion of how much that might be.
Last question: you spoke of re-financing the place. Can you make the payments that this would require? Once again, your financial calculator will help: you can find out the probable interest rate and term of a loan, you know how much principal you want to deal with, and the necessary payments can be calculated.
Now you can take all of this data to your bank. If the project passes sanity check and you and the bank want to proceed, they will want to get an appraisal on the house, and that will be the time to do it and thus double-check your estimate of its value.
2006-12-16 00:32:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
that's extremely confusing to split both - the toddler help desires to bypass for such issues as employ, utilities, nutrition, gas money to force the toddler round, besides as all the toddler-basically desires. it isn't meant for use for "extras" for the toddler, basically the necessary residing expenditures. i imagine you need to basically declare the mummy replaced into spending the money on herself if that's glaring that the toddler is going with out some thing, and the mummy is getting extras. quite in many circumstances, the mummy will positioned the desires of her toddler beforehand her personal, and those that do not probably would not have custody besides. Your application does not be more beneficial because finally you'd be paying a lot extra in toddler help to pay to run that application. imagine of the workplace team, workplace area, printing and postage, arrangements for the vouchers, and so on.
2016-11-30 20:30:19 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I am sure there are legal resources near you- find them and tap into them because you'll need it. Sounds as though you have done good researching and you have a sound knowledge of what's up but you'll most likely need the attorney for processing things. Best of luck!
2006-12-16 00:36:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you cannot leverage child support payments like that. but the rules are different state by state. petition the court and explain the arrangement you want.
2006-12-16 00:59:15 · answer #4 · answered by ABC 3 · 0⤊ 0⤋
If that's want you would like and he agrees to it why not. All you should have to do is have it written up.
Slam dunk Happy Holidays
2006-12-16 00:19:37 · answer #5 · answered by canuticklemepink 5 · 0⤊ 0⤋
sounds a good idea.you may have to get legal advice first.
2006-12-16 00:19:35 · answer #6 · answered by John B 4 · 0⤊ 0⤋