House Pay-off for stay at home mom....

[moonshadow0922]

I live in Maryland.
Greetings all!
As are many, I am new here....I have a question about my house. I have been a stay at home mom of 4 for 17 years. The kids are 17, 15, 12, and 5. I want to divorce my husband ( many reasons but mainly I just can't handle his insecurity anymore and have fallen out of love with him. ) Anyway, We bought our home 8 years ago. We owe $ 166,000 on the mortgage. He refuses to move, so I am moving. I have been looking for a job, and found one. I will be starting in a few weeks. We are NOT selling the house, so how do I figure out what he should pay me as a buy out? I can not afford a lawyer, and I am getting all kinds of answers from friends. One says that if the house appraises at $266,000 and we owe $166,000, then I am entitled to the $100,000 in equity ...... another friend said that we SPLIT the $100,000 so I get $50,000. THis does not seem right, because HE will still be living here and will be entitled to collect later if he choses to sell....so, Can someone lead me in the right direction? We need to settle this part of seperating first, as I have nothing at all in my name as far as savings go...and HE thinks we do not do this until the actual Divorce Date. I will need to buy a car and rent a small place for me and the kids ( which we will have joint custody of ) Thanks for any and all responses!
~ams

 

[shell007]

Half of the house is already yours. Get it appraised, take the appraised value, and he has to buy out your half.

As for future profits if he ever sells. No one can tell the future therefore you can't be compensated for the future value. Who knows....maybe the neighborhood will go down hill and the value of the home will go down. Never can tell.

 

[shell007]

In addition..sorry If the two of you don't agree on the appraisal value and you have to take it to a judge, the judge could set a value, tell you to sell it (to a third party), pay off the mortgage, pay off any debt (if there is any), and split what's left over.

 

[BelizeBreeze]

Although none of your 'friends' are correct, neither is any other answer you will receive. Simply put, this is a question of fact for a court to decide.

You do have the option to file partition however, since you are filing for divorce that matter will most likely be held until the property settlement of the home is answered.

What is NOT relevant is anything to do with subjects OTHER than property. Maryland is an equitable distribution divorce state. Therefor, your contribution as a stay at home mother is irrelevant just as his salary to pay the mortage is irrelevant.

What IS relevant is the appraisal value AT THE TIME OF FILING and the monies still owed on the home. Once those are set by the court then equitable distribution of the remaining equity will be decided on all RELEVANT factors.

 

[BelizeBreeze]

Is he abusive in anyway that u can go to family court to get him out and then try to get judge to grant him to pay temp child support. Because if you leave and he is in the house you will be paying rent and he will be in the house he will never leave....

Irrelevant. It doesn't matter who leaves the home because the question was one of property settlement, NOT divorce.