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KarenW

Real estate property

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My spouse left the property in September 2014 and I have been solely responsible for all bills - mortgage, taxes, insurance, repairs - since that date. He has continuously ignored my requests to process a divorce. Naturally, he wants to be bought out, but it is now over 4 years later. What value of the property is used to determine equity? Is it the value at the time he left or current value? Also, can I use the cost of repairs, a percentage of the mortgage, taxes, and insurance, and half of our daughter's student loan bills against what equity he would be owed? We owe around $48,000 in parent plus loans for our daughter's college that I have been paying on my own since 6 months after her graduation in December 2014, so from July 2015 to now. 

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46 minutes ago, KarenW said:

My spouse left the property in September 2014 and I have been solely responsible for all bills - mortgage, taxes, insurance, repairs - since that date. He has continuously ignored my requests to process a divorce.

 

Ummm...what exactly is it you think he can/should do that you cannot do yourself?  In other words, it's been 4 1/2 years: why haven't you filed for divorce yourself?

 

 

47 minutes ago, KarenW said:

What value of the property is used to determine equity?

 

Equity = fair market value less the balance due on any mortgages and other encumbrances.

 

 

48 minutes ago, KarenW said:

Is it the value at the time he left or current value?

 

You can determine equity as of either date (although determining fair market value so long in the past will involve at least some guesswork).

 

 

48 minutes ago, KarenW said:

can I use the cost of repairs, a percentage of the mortgage, taxes, and insurance, and half of our daughter's student loan bills against what equity he would be owed?

 

I'm not sure I understand the question, but I think you're probably asking how the equity will be divided if/when one of you finally decides to file for divorce.  The answer is that it probably will be divided 50/50.  While you will probably be given credit for paying all of the mortgage and other housing related expenses, you'll also probably be charged for having had exclusive possession of the marital residence, and those numbers likely will offset each other.  Your daughter's student loans having nothing to do with this unless you gave a mortgage on the property as security for the loans.  You didn't do that, did you?

 

 

51 minutes ago, KarenW said:

We owe around $48,000 in parent plus loans for our daughter's college that I have been paying on my own since 6 months after her graduation in December 2014, so from July 2015 to now.

 

That's a separate issue, and you may be entitled to a credit in the overall division of your marital property and debt.

 

I strongly suggest that you consult with a local family law attorney.

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31 minutes ago, pg1067 said:

 

Ummm...what exactly is it you think he can/should do that you cannot do yourself?  In other words, it's been 4 1/2 years: why haven't you filed for divorce yourself?

 

Shortly after all of this, I was diagnosed with breast cancer and have been fighting that for some time. My life was more important. Now that I am cancer free and healthy I can focus on this. 

 

Equity = fair market value less the balance due on any mortgages and other encumbrances.

 

 

 

You can determine equity as of either date (although determining fair market value so long in the past will involve at least some guesswork).

 

 

 

I'm not sure I understand the question, but I think you're probably asking how the equity will be divided if/when one of you finally decides to file for divorce.  The answer is that it probably will be divided 50/50.  While you will probably be given credit for paying all of the mortgage and other housing related expenses, you'll also probably be charged for having had exclusive possession of the marital residence, and those numbers likely will offset each other.  Your daughter's student loans having nothing to do with this unless you gave a mortgage on the property as security for the loans.  You didn't do that, did you?

 

What do you mean "charged" for having exclusive possession? 

 

That's a separate issue, and you may be entitled to a credit in the overall division of your marital property and debt.

 

I strongly suggest that you consult with a local family law attorney.

 

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I live in Texas and have retroactive support I owe currently I’m remarried with a young child . My spouse and I have a home with myself and her names on the title but the loan is only in her name . Does the homestead exemption protect my wife and daughter from any liens associated with back child support in the event of my death  ? My wife already has her irs refund taken each year and want to divorce so my ex can’t ever take the house or prevent my child from inheriting the house should we both be deceased 

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