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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Family Law
Satisfied Customers: 35711
Experience:  I provide family and divorce law advice to my clients in my firm.
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hello Dimitry here I am again on my husband proposed MSA,

Resolved Question:

hello Dimitry
here I am again
on my husband proposed MSA, he is asking for:
1. house#1 appraised at 160k - 60k mortgage (for real is only 53k) = 100k equity, he offers to me 17.5% = 17.5k
2. we took an HELOC against house#1 to buy house#2 (which doesn't have a mortgage) (my husband claims this HELOC is 80k, but it is only 77k)
3. house#2 appraised at 105k - 80k HELOC (from house#1) = 25k / 2 = 12.5k
4. he wants me to pay 5k from his 20k credit cards used for house improvements
so
17.5k - 12.5k-5k = 0
and I have to pay him 80k for HELOC

my lawyer counterproposal was:
1. house#1 160k-53k=107k x 30% = 32.1k
2. house#2 105k-77k = 28k / 2 = 14k
3. wife pays 8.1k for husband credit cards
32.1k-14k-8.1k =10k
77k HELOC - 10k = 67k wife has to pay to husband

do you think I should change the lawyer?
Submitted: 1 year ago.
Category: Family Law
Expert:  Dimitry K., Esq. replied 1 year ago.
Thank you for your question and thank you most kindly for requesting me to assist you with your concerns.

Thank you for the detailed breakdown. Did the attorney explain why he provided such numbers in his counter-proposal? Were you a stay-at-home spouse where the other party earned most of the wages?
Customer: replied 1 year ago.

after I revised her counterproposal, I said this:


1. house#1 160k-53k-77k HELOC =30k x 25% = 7.5k


2. house#2 105k-0 -0 =105k / 2 = 52.5k


3. I agree to 5k for his credit cards (Ishouldn't.... but I want to finish with this)


52.5k-7.5k+5k = 50k


doesn't it seem better?

Expert:  Dimitry K., Esq. replied 1 year ago.
Ani,

Of course it is better for you but I am trying to understand your attorney's thinking and position. Also, will you be taking over either of the properties for yourself, or are they all remaining with the other spouse?

Did the attorney explain why he provided such numbers in his counter-proposal? Were you a stay-at-home spouse where the other party earned most of the wages?
Customer: replied 1 year ago.


house#1 will remain my husband sole and separate property

house#2 will remain my sole and separate property

I am working full time

my yearly income is like 25% more than my husbands (as he declared in his CIS, but it is not true, he has a second job, so he earn pretty much some amount as me)

Expert:  Dimitry K., Esq. replied 1 year ago.

Thank you for your follow-up.

Then that explains why the HELOC would become yours, if you take over the property then the HELOC obligations (the debt) is generally held by the spouse who takes over the asset. In that case the attorney's proposal does make sense. I agree that you can potentially negotiate for a greater share of the original property, but I also agree with the attorney that the HELOC would become your responsibility if you end up taking over that property. If unhappy with the attorney you are always able to replace him, but at least from your facts I do not see his counter-proposal as unfair or one-sided.

Good luck. (I am sorry)

Dimitry K., Esq., Attorney
Category: Family Law
Satisfied Customers: 35711
Experience: I provide family and divorce law advice to my clients in my firm.
Dimitry K., Esq. and other Family Law Specialists are ready to help you
Customer: replied 1 year ago.


Dimitry,


the HELOC is not for house#2, which will become mine.


the HELOC is for house#1 , which will become his.


but even so, I still do not see why I should pay 67k


1. house#1 160k-53k-0 HELOC =107k x 30% = 32.1k


2. house#2 105k-0 -77k HELOC = 28k / 2 = 14k


3. I agree to 5k for his credit cards (I shouldn't.... but I want to finish with this)


77k HELOC - (32.1k-14k-5k) = 63.9k


am I correct?


but if the HELOC is going agaisnt house#2 .... based on the fact when we married he just did a third mortgage for house#1 (to pay off his ex wife), mortgage became 127k. during our marriage WE paid 74k against this mortgage (in 7 years and 6 months), plus we paid over 50k debts from his first marriage


then I think I am entitle for more than 30% from house#1,


don't you think?

Customer: replied 1 year ago.


Dimitry,


the HELOC is not for house#2, which will become mine.


the HELOC is for house#1 , which will become his.

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