I am 2 years into a divorce which is finally set to go to a 3 day trial next week. I have exhausted all of my available funds (over $100K) on legal fees. Finally just a week before we go to trial my wife wants to try to negociate things. I am looking for a "nonemotional" 2nd opinion as to wether or not the offer that's on the table is in my best interest or would I be better off going to trial? Please understand that the negociations have gone back and forth many times already to get to this point. My Wife and I are both Chiropractors. We met in school. She has always refused to work or contribute to the finances of the marriage which is what has lead to the divorce. in a nut shell here is a summary of our assets and liabilites:Chiropractic practice (annual gross $1.1 million) associated liability $200K (the oppisition puts 0 value on my personal goodwill which earns 70% of the income of the practice).Strip mall (value $1.1 mill) liability also $1.1 mill.Home: value $350K liability $550K (upside down $200K).Credit card and unsecured loan debt: $220KSo depending on whos #'s are used the net worth is around -$500K. (depending on how the clinic is valued).The offer on the table right now after much debate is as follows: I keep all the assets and liablites... She walks away free and clear and gets $5K per month for 9 years as allimony. We do have 2 minor children (9 and 10 and have already a 50/50 custody agreement). I make on average $200K/yr. I am told with this allimony payment childsupport brakes even. The allimony is modifiable dwon to a $2500 limit but does not cap off at a max limit. She was offered the practice and property but straight out does not want to work... just wants to sit back and collect... I understand that with this arrangement I take a lot of risk, but also a lot of potential. What do you think?
State/Country relating to question: Florida
2 years of negociations
Hi, and Welcome to JustAnswer. Thank you for your question.
My name isXXXXX am an Attorney and would be glad to help, 1. Have you asked the mortgage lenders on the stip mall and the home if they will agree to reove your wife's name from their loan documents ? 2. Have you asked the credit card issuers if they will remove your wife's name from the present balances as a borrower liable for payment of the existing balance ? Thank you,
not yet but I have been told that if she signs a quick claim deed she is off the mortgage (as far as being able to profit from a sale) but still on the hook if I defalted.
I've already got her off the credit cards, and she was never on the note for the building.
Relist: Other.no answer after waiting 4 hours
Here is your answer. It really depends on your opinion of the deal and your goals not only for divorce, but for your future. If you have been the one running the practice up to this point, it seems unlikely that the court would allow her to take the practice and have you collecting alimony unless she was really pushing for it. Valuation would be the biggest issue there (whether it is fair or not). If you are satisfied with the potential of your practice then go for it and make a killing. You are correct as to the quit claim deed and liability for default. That should not concern you though and should be more of a concern for your ex-wife. Also consider the fact that you have already spent over 100k on legal fees. Sorry to hear that this happened. As to the alimony and child support...................Alimony payments are variable and can have a large range, but mainly depend on the need of one party and the ability to pay of the other party. I think the biggest issue here is to do some soul searching and decide what direction your future holds and whether you can comfortably make the alimony payments. It may be hard to modify once you agree so make sure you are all set. Please understand this is simply my opinion and not legal advice, you have an attorney and I am not allowed to advise you in this matter. Good Luck to you. Any tips are appreciated.
Divorce Law Firm.
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