I don't want to loose my home!

[soontobedivorce]

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

I have just recently filed for divorce. My biggest fear is that my son and I will loose our home. Before my husband and I were married I sold a mobile home that was mine to put a down payment on a new home for us to live. After we lived in the new home for several years we decided to get married. Right now I pay all the bills that concern the home, phone, electric, gas, water and I pay 1/2 of the house payment. I support my son as far as clothes, school supplies and anything else that he may need. We do have separate bank accounts which is the best thing I could have done for myself. Since the home was purchased before the marriage and i sold my home to use the cash as a down payment what are the chances of my son and i being able to stay in the home.

 

[Isis1]

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

I have just recently filed for divorce. My biggest fear is that my son and I will loose our home. Before my husband and I were married I sold a mobile home that was mine to put a down payment on a new home for us to live. After we lived in the new home for several years we decided to get married. Right now I pay all the bills that concern the home, phone, electric, gas, water and I pay 1/2 of the house payment. I support my son as far as clothes, school supplies and anything else that he may need. We do have separate bank accounts which is the best thing I could have done for myself. Since the home was purchased before the marriage and i sold my home to use the cash as a down payment what are the chances of my son and i being able to stay in the home.

would you be able to pay for the home without any type of child support and/or spousal support?

 

[mistoffolees]

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

I have just recently filed for divorce. My biggest fear is that my son and I will loose our home. Before my husband and I were married I sold a mobile home that was mine to put a down payment on a new home for us to live. After we lived in the new home for several years we decided to get married. Right now I pay all the bills that concern the home, phone, electric, gas, water and I pay 1/2 of the house payment. I support my son as far as clothes, school supplies and anything else that he may need. We do have separate bank accounts which is the best thing I could have done for myself. Since the home was purchased before the marriage and i sold my home to use the cash as a down payment what are the chances of my son and i being able to stay in the home.

Can you afford to stay there with all of the house payment and your other expenses?

No one can do the math for you. Here's the most likely scenario:

1. Any marital equity in the home will be split. If you can show that the money you got for the downpayment came from selling your mobile home, then you MAY be able to treat that as separate (belonging to you) and then split what's left over. Note that NM is a community property state. However, by selling your trailer and using the proceeds to buy a home, that equity may have become community property, in which case it would be split equally. You'll need to consult an attorney.

2. Custody will be determined on the best interests of the child(ren). More and more, joint custody is being awarded with either shared physical custody or one person being primary with the other having liberal visitation. On what basis should YOU receive primary physical rather than the father? You will need to convince the court that this is in the best interests of the child(ren).

3. Once custody has been established, child support will be determined. You can find a child support calculator for your state online. Child support will depend on how many nights the child spends in each home, income of each parent, and who is paying for medical and child care expenses.

4. Marital equity in other assets will be split.

5. If you keep the home, you will need to be able to reimburse stbx for his share of the marital equity. You will also need to be able to handle the entire cost of keeping the home on your own (including child support and alimony, if any). STBX may ask that you refinance the home into your own name so that his credit rating is not at risk. If you can't afford all of that, then you're probably better off having the house sold and keeping your share of the equity.

6. Alimony is becoming less common as time goes on. In NM, it is up to the recipient to prove to the court that they need it AND that the other party can afford to pay it. It will depend on the length of the marriage, relative incomes of the two parties, and other factors.

 

[Ohiogal]

Actually the others may not be correct. Whose name is on the TITLE to the house? Yours, his or both of yours? And why do you pay only HALF the house payment? Who is on the mortgage?

 

[soontobedivorce]

would you be able to pay for the home without any type of child support and/or spousal support?

I have already gone over my expenses and a would more than be able to pay for the home without any type of child support or spousal support. I have told him that I would leave it up to him wether or not he wanted to give his son anything but for 14 years he never has so I really don't expect him to. Even christmas and birthday gifts I buy them for my son he doesn't help with any expenses at all. We recently put braces on my son and again I'm paying for those without any help from him.

 

[soontobedivorce]

Actually the others may not be correct. Whose name is on the TITLE to the house? Yours, his or both of yours? And why do you pay only HALF the house payment? Who is on the mortgage?

unfortunately both our names are on the mortgage. I pay 1/2 the payment and he pays 1/2 the payment. We have our own seperate bank accounts like I said. But if I sold a home that was in my name only and used these funds as a down payment on the new home all before we were even married why would it still be considered community or marital property. I thought anything obtained after the marriage was considered marital and community property. I am so confused.

 

[Ohiogal]

unfortunately both our names are on the mortgage. I pay 1/2 the payment and he pays 1/2 the payment. We have our own seperate bank accounts like I said. But if I sold a home that was in my name only and used these funds as a down payment on the new home all before we were even married why would it still be considered community or marital property. I thought anything obtained after the marriage was considered marital and community property. I am so confused.

Doesn't matter if you have separate bank accounts. WHO IS ON THE TITLE?
For the mortgage you would have to refinance the home to get his name off the mortgage. Which means bringing money to the table most likely in this economy. Can you come up with the money? And it would be community/marital property if he is on the title because him being on the title makes him a joint owner (if you are joint tenants). So who is on the title?
And can you afford to refinance the mortgage yourself and pay the entire mortgage?

 

[mistoffolees]

Doesn't matter if you have separate bank accounts. WHO IS ON THE TITLE?

Both names are on the title, but I'm not sure it matters - they're in a community property state and he clearly contributes something to the mortgage.

 

[Ohiogal]

Both names are on the title, but I'm not sure it matters - they're in a community property state and he clearly contributes something to the mortgage.

If he wasn't on the title it would be only during the marriage that which accrued. Since he is on the title, he is part owner. And is entitled to a full 50% of the worth of the home. Not just 50% of that which accrued during the marriage. Oh and the money she contributed as down payment -- that was gifted to THEM. Which means she won't get any of it back. I don't see where she says they are both on the title -- I do see where she states they are both on the mortgage which would lead me to believe they are both on title however not going to assume.

And the chances of her keeping the home? What are the chances that she can afford to buy him out?

 

[LdiJ]

If he wasn't on the title it would be only during the marriage that which accrued. Since he is on the title, he is part owner. And is entitled to a full 50% of the worth of the home. Not just 50% of that which accrued during the marriage. Oh and the money she contributed as down payment -- that was gifted to THEM. Which means she won't get any of it back. I don't see where she says they are both on the title -- I do see where she states they are both on the mortgage which would lead me to believe they are both on title however not going to assume.

And the chances of her keeping the home? What are the chances that she can afford to buy him out?

I have to disagree with the bolded. He is entitled to 50% of the equity in the home, and that is very different than the "worth" of the home. If she would have to take money to the closing table, (as you suggested) then clearly the home would have no equity in that scenario.

However, it has also been established here (on these forums) that if the separate money that she has put down is traceable, that she may be able to recover that separate money in a community property state...assuming that the home has any positive equity.

 

[mistoffolees]

If she would have to take money to the closing table, (as you suggested) then clearly the home would have no equity in that scenario.

That is not correct for several reasons.

First, even if there is equity, it may not be enough to refinance. Banks may require 10-20% equity to refinance. So there may be equity, just not enough.

Second, there could be tons of equity, but in order to refinance, she needs to pay her ex his portion of the equity in order to get a quit claim deed from him. So she could be brining HIS share of the equity to the closing table in order to make the refinancing move forward.

 

[Ohiogal]

I will agree to stating that he would only get 50% of the equity at the time of divorce. However he is HALF OWNER which means half of the worth of the house is his. And the downpayment? It was a gift to the whole because both are on title.