Division of assets/house question

[Mama_RJ]

It has been a long road, and STBX and I are headed to mediation next week. Aside from the house, all other assets (cars, retirement, etc) are fairly equal. I don't have a clue what to do about the house that we purchased a little over a year ago. It is 3500 square feet on an acre, and he currently lives there and pays the mortgage. I'm renting a 900 square foot cabin. I don't want the house, but would like SOMETHING out of it. We purchased it together after all, in a community property state. I don't want to force him to sell it.

Originally I asked for 50% of the equity in the house. It was appraised (when we bought it) at $100K more than we paid. Now, however, the market value might be equal to what we paid.

My lawyer is NO help at all, and will be fired next week if we don't reach an agreement in mediation. I'm basically on my own at the moment, and don't know how to calculate what is fair. Any ideas?

[doubledutch]

after the divorce is final, he would need to refinance in his name only, and you would be entitled to half the equity. i think that's pretty normal.

[violet_]

Yup, you get half, and if he can pay you half then he gets to refinance and keep it. If not, he sells it and you split the revenue.

[Goodmom2008]

You need to get an appraisel done on the house. Don't be surprised if there is no equity. And hope that it isn't upside down, which is possible.

Until you know the appraised value (or a fair market evaluation by a real estate agent), you really can't settle anything.