SS from 50k income?

[mc1990]

What is the name of your state (only U.S. law)?Utah

Married 15 years
3 Children - ages 13,10,6
I am 38 and wife is 36.
My income is $50k
Wife is stay at home mom- part time job of $100 a month.
Future child support will be $1,100 a month.

Talked to a lawyer and he said with my income and paying child support it doesn't look like I could pay much, if any alimony.
I have done some calculations using other states formulas and I get anywhere from $0 to $200 a month. Any advice on what would be fair alimony and how long?

Note: she is going to live in our home and I will be giving up items (New refrigerator,washer dryer,ect). Also I will keep my 97 geo prizm and she will have 2000 Toyota Sienna - I don't know values on the vehicles but I think the van is worth much more.

 

[stealth2]

I think it's time for Mom to get a better-paying job, to be honest. If I were in your shoes, I would talk to her and see what plans she has in terms of working and/or retraining (if she needs it), then base any potential alimony on her going back to school to increase her income potential.

 

[mistoffolees]

What is the name of your state (only U.S. law)?Utah

Married 15 years
3 Children - ages 13,10,6
I am 38 and wife is 36.
My income is $50k
Wife is stay at home mom- part time job of $100 a month.
Future child support will be $1,100 a month.

Talked to a lawyer and he said with my income and paying child support it doesn't look like I could pay much, if any alimony.
I have done some calculations using other states formulas and I get anywhere from $0 to $200 a month. Any advice on what would be fair alimony and how long?

Note: she is going to live in our home and I will be giving up items (New refrigerator,washer dryer,ect). Also I will keep my 97 geo prizm and she will have 2000 Toyota Sienna - I don't know values on the vehicles but I think the van is worth much more.

Alimony is highly variable and depends on the judge. Your attorney's opinion is going to be far more useful than anything anyone here can provide.

 

[nextwife]

50K GROSS income? What marital debts exist that will survive the marriage and also need to be paid by both of you?

If 50K gross, after $1100/mo child support, your gross would only be $36800. Then there are all the fed and state tax, Social S and medical deductions, as you will still likely be the children's insurance provider. Now what is left? And payments already obligated to existing creditors that you both have an obligation to pay back. I can't imagine there is much to work with leftover - your income simply is not enough to support most expenses of two households.

 

[Bali Hai]

What is the name of your state (only U.S. law)?Utah

Married 15 years
3 Children - ages 13,10,6
I am 38 and wife is 36.
My income is $50k
Wife is stay at home mom- part time job of $100 a month.
Future child support will be $1,100 a month.

Talked to a lawyer and he said with my income and paying child support it doesn't look like I could pay much, if any alimony.
I have done some calculations using other states formulas and I get anywhere from $0 to $200 a month. Any advice on what would be fair alimony and how long?

My advice on fair alimony would be zero.

Note: she is going to live in our home and I will be giving up items (New refrigerator,washer dryer,ect). Also I will keep my 97 geo prizm and she will have 2000 Toyota Sienna - I don't know values on the vehicles but I think the van is worth much more.

What will ultimately become of the home? Is there a mortgage? If so, who pays?

Your wife of course will likely tell the judge that you insisted she stay at home with the children. If the judge buys that, it won't be good for you.

 

[mc1990]

Thanks everyone for your replys. To answer some questions, the only debt we have is our 15 yr mortgage of $80,000. Our monthly payments use to be about $1000, but I will agree to refinance to a 30 year loan making monthly payments of $400-500. She will pay monthly mortgage payments with her funds. Later when she qualifies for her own loan, she will buy me out and we will split the equity.

I keep reading that alimony is to help keep the same standard living. Well I am the one that needs funds to replace the things that I am leaving behind. My one bedroom apartment will probably cost more then her house payment.

 

[Bali Hai]

Thanks everyone for your replys. To answer some questions, the only debt we have is our 15 yr mortgage of $80,000. Our monthly payments use to be about $1000, but I will agree to refinance to a 30 year loan making monthly payments of $400-500. She will pay monthly mortgage payments with her funds. Later when she qualifies for her own loan, she will buy me out and we will split the equity.

I keep reading that alimony is to help keep the same standard living.

That of course is impossible in 99% of divorce cases, the other 1% are people like Bill Gates and Hollywood celebrities.

Well I am the one that needs funds to replace the things that I am leaving behind. My one bedroom apartment will probably cost more then her house payment.

If you have any funds left after alimony, you may replace those things you left behind. If you want to stay on good terms with the judge, don't even hint at this in court.

 

[Bali Hai]

Thanks everyone for your replys. To answer some questions, the only debt we have is our 15 yr mortgage of $80,000. Our monthly payments use to be about $1000, but I will agree to refinance to a 30 year loan making monthly payments of $400-500. She will pay monthly mortgage payments with her funds. Later when she qualifies for her own loan, she will buy me out and we will split the equity.

I keep reading that alimony is to help keep the same standard living. Well I am the one that needs funds to replace the things that I am leaving behind. My one bedroom apartment will probably cost more then her house payment.

Hopefully the above bolded will happen, but in all likely-hood, it won't.

You need to define what "later" means in your agreement. And get language in the agreement speaking to the fact that if she doesn't qualify or won't refinance in a timely manner, the home be sold to get your equity.

 

[mistoffolees]

Thanks everyone for your replys. To answer some questions, the only debt we have is our 15 yr mortgage of $80,000. Our monthly payments use to be about $1000, but I will agree to refinance to a 30 year loan making monthly payments of $400-500. She will pay monthly mortgage payments with her funds. Later when she qualifies for her own loan, she will buy me out and we will split the equity.

I would not sign any new loan documents. Rather, ex should be working to be able to handle the mortgage on her own. If she can't do that, the house should be sold.

Just spend some time here reading about people who are stuck paying the mortgage that their ex was supposed to be responsible for.

I keep reading that alimony is to help keep the same standard living.

That is only part of the story- and you're focusing on yourself rather than the recipient. In Utah, the purpose of alimony has been spelled out by the state supreme court:
When is alimony awarded in Utah?
"The Utah Supreme Court has stated on numerous occasions that the purpose of alimony is to prevent the receiving spouse from becoming a public charge and to maintain, to the extent possible, the standard of living enjoyed during the marriage."

 

[mc1990]

I would not sign any new loan documents. Rather, ex should be working to be able to handle the mortgage on her own. If she can't do that, the house should be sold.

Just spend some time here reading about people who are stuck paying the mortgage that their ex was supposed to be responsible for.

I am a little concerned about the home. She is planning on working but because she doesn't have a solid work history she might not qualify for a loan. We want to make this divorce as easy as possible for our kids. Moving out of the home they have lived in their whole life and leaving neighbors and friends would be tough.

She is really good with finances, and I trust with child support payments and her working she will be able to make house payments. We will have it in our settlement agreement that she will refinance and she buys me out and split the equity. I don't care that much when she buys me out, but no longer than 5 years.

 

[mistoffolees]

I am a little concerned about the home. She is planning on working but because she doesn't have a solid work history she might not qualify for a loan. We want to make this divorce as easy as possible for our kids. Moving out of the home they have lived in their whole life and leaving neighbors and friends would be tough.

She is really good with finances, and I trust with child support payments and her working she will be able to make house payments. We will have it in our settlement agreement that she will refinance and she buys me out and split the equity. I don't care that much when she buys me out, but no longer than 5 years.

That's your choice - and ultimately decisions like that come down to how much you trust the other person.

I would, however, get something in the order to protect you in case she defaults and also to limit it to 5 years.

 

[Bali Hai]

That's your choice - and ultimately decisions like that come down to how much you trust the other person.

I would, however, get something in the order to protect you in case she defaults and also to limit it to 5 years.

That is absolutely sound advice misto! I'm so glad you're here giving your great advice for the benefit of all who come here to seek it.

 

[mc1990]

That is absolutely sound advice misto! I'm so glad you're here giving your great advice for the benefit of all who come here to seek it.

Thanks to everyone who has taken their time to help.

 

[Bali Hai]

Thanks to everyone who has taken their time to help.

You are very welcome and good luck!