Force Sale of Home...

[Ohiogal]

However since OP is in an EQUITABLE division state (not equal), it is possible that a judge would find that $100k in 401k funds in exchange for $75-80k in home equity WOULD be an equitable split. Or it's possible that the judge would order both the home and the 401k to be split, hard to say what would happen if they can't come to an agreement. But I do not think a judge would order HOW wife must come up with the funds to pay off husband's equity, even if he were to order it to be paid, so it would be up to wife whether she wanted to sell or take out a HEL. The judge is not going to order the house sold just because husband is being vindictive and doesn't WANT wife to keep living there.

And I have seen it happen in OHIO in divorces. So it is very very possible that it can happen to OP. He needs to realize that. And if wife has an attorney who will push for that and it very well can happen.

 

[Bali Hai]

Nexie that is PURELY your personal opinion on how things should be. It has no basis in legalities at all.

MY purely personal opinion is that I would prefer to have the 401k intact, and would NOT dip into it for anything, and would prefer to start over with buying housing...particularly since one can get such good deals these days on homes. That is what I think is the most fiscally responsible thing to do.

However, a judge is going to rule on a fair division of assets. And the judge will base it on his/her own opinion, not yours and not mine. In this instance the wife is willing to take assets of considerably lower value than the 401k. She has a decent shot at convincing a judge to give her that.

OP has admitted that mostly its an emotional issue with him. He is going to spend a ton of money on legal fees for a contested divorce if he insists.

And you don't believe that it's an emotional thing for the wife?

nextwife is correct, and, if the court caves to the financially unsound wishes of the wife, it's just plain nonsense.

 

[ecmst12]

It may or may not be an emotional reason that she wants to stay in the house. Maybe she just doesn't want to move. Can't say I'd blame her for that, I hate moving.

 

[nextwife]

It may or may not be an emotional reason that she wants to stay in the house. Maybe she just doesn't want to move. Can't say I'd blame her for that, I hate moving.

Then she should pay him for his half and stay. If she wants to cash in HER half of the 401k instead of financing to pay him his share, let her do so. Could be they both hate moving. But she should not demand that if he wants money out of his equity for housing, he needs to cash in a retirement account.

 

[LdiJ]

Then she should pay him for his half and stay. If she wants to cash in HER half of the 401k instead of financing to pay him his share, let her do so. Could be they both hate moving. But she should not demand that if he wants money out of his equity for housing, he needs to cash in a retirement account.

Again...that's your personal opinion. Its not a legal one.