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

[babbagene]

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

 

[mistoffolees]

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

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.

 

[LdiJ]

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.

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

 

[Bali Hai]

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

And ALIMONY!!