Some guidence needed

[Ohiogal]

why am i not entitled to 1/2 the value of the home being my name is on the title as well as his. I would think he would have to buy my 1/2 out being i am 1/2 owner.

Slowly now. The house is owned by the bank. The only portion owned by you is the portion that has been paid off which is what is called equity. If the house is sold then you would be entitled to half of what is left over after the mortgage and other costs are paid. WHY? Because it is also marital debt! Good grief.

 

[Teri25]

i know the house is owned by the bank. Now... if he wants to keep the house then he would have to refinance for the assessed value which is 240k, he would have to pay me 1/2 of the assessed value being i am selling my 1/2 to him. Am i correct?

Now, if we decide to sell the house then i am only entitled to 1/2 of the equity left in the house which like i said isnt much only 53k so the gain would only be 26k( roughly ). Correct?

 

[MyHouse]

OP you are acting like the house is paid for! You are supposed to be splitting the equity as well as the debt. You don't have a lot of equity because you took loans out twice! If you were able to walk away with half the value of the house, then you would get $120K. Husband would give you $120K and then still owe $170K on the house? Where did his "half" go? Now do you see how this doesn't make sense? If the house were to be sold, then the loans would have to be paid off. What's left after that? Not $240K!

 

[Ohiogal]

But she doesn't deserve any debt. She deserves only the property and half its value. Come on ... that is fair right?

 

[MyHouse]

I'm sure that in some world that is fair!

I think it was just wishful thinking that took over, causing OP to lose the ability to do math. Divorce is a hard thing to go through, and it takes some time for reality to hit. Then you have to realize that things are going to really suck on one income. My xh and I made the same salary and I had to get into debt before I realized that I had not made enough lifestyle adjustments. Live and learn (and pay the price for your mistakes)!

OP is lucky actually... $100K of husband's inheritance helped buy that house and probably allowed them to have a much better house than they would have without it, and she still gets half the equity. Not a bad deal!