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Richard
Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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What is a fair settlement wife on house oweing 62.000

Customer Question

What is a fair settlement for a wife on house oweing 62.000 on an 86.000 dollar home,she took everything in house.
Submitted: 6 months ago.
Category: Legal
Expert:  Richard replied 6 months ago.
Good morning Joe. My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!
Expert:  Richard replied 6 months ago.
We need to break this down a bit. First, let's focus on the house itself. The issue is what would your wife get as her 1/2 share of the house from the sale of the home if it were to be sold. Closing costs are going to be approximately 7% of the sale price of the house. Plus, typically, a few thousand dollars are required to put in the house to make the house ready for sale. So, if the house were to actually sell for $86,000, then 93% of that is $79,980. Presume that $3,000 is needed to make the house ready for sale resulting in $76,980. The loan payoff of $62,000 results in net proceeds $14,980 presuming the house sells for the full $86,000. So, at best, ***** ***** be entitled to $7,490.00. But, that's presuming that the house is the only marital asset being divided. The $7,490.00 should then be reduced by 1/2 of the value of any other assets your wife is taking for which you are not otherwise getting credit. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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