Ordered to pay wife $50,000 over 10 years. INFO?

babbagene said:

What is the name of your state (only U.S. law)? NJ
Hi , on 05-2809 , me and my wife of 20 years wnet to an ESP(Early Settlement Panal) in NJ. we have 2 children ages 5 and 16 (both of which will reside with me) my only income is SSDI (which is $21,000 per year), we jontly own our home which is now valued at $285,000).I bought this home with monies I received from a settlement from an accident (of which i provided proof of).We have and outstanding loan against the home for $105,000 (both our names are on this loan). The Panal suggests that my wife is entitlked to $50,000 and also to be releived of her half of the $105,000 loan, with that in mind I will continue the loan paymants and her name will be removed from the home.My concern is that the panal said (since I dont have a large income I could make these paymant of $50,000 over a period of 10 years, however I DO need to give her a substantial amount of money up front (but they never did say how much). My question is does anyone have any idea on the amount of money I will have to put out "up front" , what % of the total amount do you guys think will be asked for "up front"
Thnak You
S.A

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mistoffolees said:

No one can read minds. You need to ask that question of your attorney and/or the panel.

You're actually quite lucky that they're allowing your property division to be spread out over 10 years. Ordinarily, you'd be expected to give her 1/2 of the assets right away - or at least within a reasonable period of time.

You're probably going to have to sell the house. I don't see how you're going to manage a $105 K loan plus $5 K per year while raising 2 kids on $21 K per year.

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LdiJ said:

I agree, its simply not feasible...unless his stbx is making very signficant money and will be paying very significant child support.

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