Swap real-estate for stoppage-of-future-alimony?

[G Cross]

What is the name of your state? Colorado

My ex and I own a second home (free and clear) worth about $600,000. The divorce agreement called for it to be sold soon after our divorce but she balked, and we still own it jointly. She would like ultimately to live there fulltime, after finishing nursing school and becoming employed, in a couple of years.

We have discussed my trading the stoppage-of-future-alimony payments for my share of the property, so she would own it 100%. Anyone have experience with this type of transaction? Pitfalls? Tax or legal consequences?

Thanks, Nextwife (forum poster) for your thoughtful comments so far!
Would appreciate more input from others...What is the name of your state?

 

[fairisfair]

please keep all of your additional questions in your original thread

https://forum.freeadvice.com/showthread.php?t=359869

 

[LdiJ]

What is the name of your state? Colorado

My ex and I own a second home (free and clear) worth about $600,000. The divorce agreement called for it to be sold soon after our divorce but she balked, and we still own it jointly. She would like ultimately to live there fulltime, after finishing nursing school and becoming employed, in a couple of years.

We have discussed my trading the stoppage-of-future-alimony payments for my share of the property, so she would own it 100%. Anyone have experience with this type of transaction? Pitfalls? Tax or legal consequences?

Thanks, Nextwife (forum poster) for your thoughtful comments so far!
Would appreciate more input from others...What is the name of your state?

If the two of you agree to that, its perfectly acceptable. When it comes to financial and property settlement issues, there is no reason for a judge to have a problem with anything that you are in full agreement about. However, if you are going to be paying alimony while she is in school, then you would need to spell out the terms of the agreement very, very carefully and specifically.

 

[Bali Hai]

What is the name of your state? Colorado

My ex and I own a second home (free and clear) worth about $600,000. The divorce agreement called for it to be sold soon after our divorce but she balked, and we still own it jointly. She would like ultimately to live there fulltime, after finishing nursing school and becoming employed, in a couple of years.

We have discussed my trading the stoppage-of-future-alimony payments for my share of the property, so she would own it 100%. Anyone have experience with this type of transaction? Pitfalls? Tax or legal consequences?

Thanks, Nextwife (forum poster) for your thoughtful comments so far!
Would appreciate more input from others...What is the name of your state?

Take her to court for contempt if she doesn't agree to stop alimony.

DO NOT give her your equity in the home to stop alimony dollar for dollar. Figure your tax rate and deduct how much total tax you would not have paid from the total alimony obligation. Make her that offer. If she doesn't agree, see above.

 

[fairisfair]

Take her to court for contempt if she doesn't agree to stop alimony.

DO NOT give her your equity in the home to stop alimony dollar for dollar. Figure your tax rate and deduct how much total tax you would not have paid from the total alimony obligation. Make her that offer. If she doesn't agree, see above.

contempt based on what? Balking? sounds to me like it was a mutal balk since this "trade" has been an ongoing conversation?

 

[Bali Hai]

contempt based on what? Balking? sounds to me like it was a mutal balk since this "trade" has been an ongoing conversation?

A court order is just that. Balking is a form of contempt of court. Just ask any man that balked on his alimony payments.

 

[fairisfair]

A court order is just that. Balking is a form of contempt of court. Just ask any man that balked on his alimony payments.

and he has not enforced the sale until now because . . . . . . .oh, wait, I know, that little alimony trade gig.

 

[nextwife]

Poster, I'd ignore the man behind the curtain.

He's NOT the wizard, and I think he's just aimlessly turning knobs right now.