What is the name of your state? NJ
I am doing taxes for a friend, and as part of that, he gave me a copy of his divorce decree. On a separate issue, I have been helping him walk through emancipation of his eldest daughter, who is 19 and not enrolled in higher education. So, he will be filing a motion to emancipate soon, and when reading his divorce decree, I found something that seems to me like he should address, but I wanted input.
He and his wife were married in over 20 years. Their divorce was final about 1 1/2 years ago. They have five children together - one he is looking to emancipate, one who should be on permanent disability, one who is still in high school, and two who are young (less than teens). He currently pays support on all 5, has visitation with the two youngest, and pays alimony to his ex. Alimony scales downover the course of time in order to assist her in becoming employed, but is permanent.
They owned a home together. The CO says that, "If the wife chooses to remain in the marital home, then she is responsible for all expenses related to the home and the home will be listed for sale in (a date after the youngest child turns 21). The parties will equally split any equity from the saleof the house. When the house is sold, the wife will get a credit for any of the principle of the mortgage that was reduced as a result of her payments that were made after xxxx, 2006." (Per his temp order, he paid the mortgage until the date of the divorce). It goes on later... "As long as the marital home is still owned by the Parties and any of the children have not been emancipated,m the title to the house shall remain in the names of both Parties with the right of survivorship to the surviving Party. Such arrangement is in lieu of either Party obtaining life insurance. "
I've been friends with this guy for about 2 years, and while he is not the most financially trustworthy person in the world, she is actually worse. Through his children, we have heard stories of the wild parties she has with her older children (still teens in high school), the drugs that they (mom and the older children) are doing, and some realistically dangerous situations she has put the children in. I have advised my friend separately on at least two of these occasions that he needs to march his butt to court to file to protect the two youngest kids because of the severe danger of the situation, but he does not listen. Like I said, he is not the most responsible person himself, and does not always tend to put the children first... He also claims fear that he has a relatively good relationship with his ex now (owing to the fact that they both are self-centered and lazy when it comes to fighting for what is right) and doesn't want to rock the boat.
All that being said, I think this house business puts any equity he might have in the house now in serious jeopardy should she lose the house, or should it be in such disrepair that they are not able to get a fair price for it ten years from now. I believe, but I do not know for sure, that he is still on the mortgage.
Questions - Since he will be filing to emancipate his eldest daughter anyway, is there any modification he can request to this house stuff in order to protect the equity currently in the house. I know that it states that she gets "credit" for the principle of the mortgage reduced because of her payments, but it doesn't account for what happens if she screws it all up.
Clear as mud, right? And please forgive me for asking for help on behalf of someone else... I might actually have a shot of helping him here, and I would feel bad if I knew of a way to save him heartache down the road and did not at least tell him about it.
Thanks.
I am doing taxes for a friend, and as part of that, he gave me a copy of his divorce decree. On a separate issue, I have been helping him walk through emancipation of his eldest daughter, who is 19 and not enrolled in higher education. So, he will be filing a motion to emancipate soon, and when reading his divorce decree, I found something that seems to me like he should address, but I wanted input.
He and his wife were married in over 20 years. Their divorce was final about 1 1/2 years ago. They have five children together - one he is looking to emancipate, one who should be on permanent disability, one who is still in high school, and two who are young (less than teens). He currently pays support on all 5, has visitation with the two youngest, and pays alimony to his ex. Alimony scales downover the course of time in order to assist her in becoming employed, but is permanent.
They owned a home together. The CO says that, "If the wife chooses to remain in the marital home, then she is responsible for all expenses related to the home and the home will be listed for sale in (a date after the youngest child turns 21). The parties will equally split any equity from the saleof the house. When the house is sold, the wife will get a credit for any of the principle of the mortgage that was reduced as a result of her payments that were made after xxxx, 2006." (Per his temp order, he paid the mortgage until the date of the divorce). It goes on later... "As long as the marital home is still owned by the Parties and any of the children have not been emancipated,m the title to the house shall remain in the names of both Parties with the right of survivorship to the surviving Party. Such arrangement is in lieu of either Party obtaining life insurance. "
I've been friends with this guy for about 2 years, and while he is not the most financially trustworthy person in the world, she is actually worse. Through his children, we have heard stories of the wild parties she has with her older children (still teens in high school), the drugs that they (mom and the older children) are doing, and some realistically dangerous situations she has put the children in. I have advised my friend separately on at least two of these occasions that he needs to march his butt to court to file to protect the two youngest kids because of the severe danger of the situation, but he does not listen. Like I said, he is not the most responsible person himself, and does not always tend to put the children first... He also claims fear that he has a relatively good relationship with his ex now (owing to the fact that they both are self-centered and lazy when it comes to fighting for what is right) and doesn't want to rock the boat.
All that being said, I think this house business puts any equity he might have in the house now in serious jeopardy should she lose the house, or should it be in such disrepair that they are not able to get a fair price for it ten years from now. I believe, but I do not know for sure, that he is still on the mortgage.
Questions - Since he will be filing to emancipate his eldest daughter anyway, is there any modification he can request to this house stuff in order to protect the equity currently in the house. I know that it states that she gets "credit" for the principle of the mortgage reduced because of her payments, but it doesn't account for what happens if she screws it all up.
Clear as mud, right? And please forgive me for asking for help on behalf of someone else... I might actually have a shot of helping him here, and I would feel bad if I knew of a way to save him heartache down the road and did not at least tell him about it.
Thanks.
