Family Law Questions? Ask a Family Lawyer Online.
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?
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)
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)
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?