My wife and I are getting divorced. It is going to be amicable and we don't plan on getting lawyers involved. The mortgage is in my name and I can afford it with a few a hundred dollars wiggle room assuming 25% income should go to housing. We are both on the deed and we were both originally on the mortgage but we refinanced about 1.5 years ago and my 800+ credit score meant it would be better for me to just be on the mortgage.
My monthly income is $5k. The mortgage is 1800. We have been paying the mortgage off for 5 years. The real kicker is we have roughly $50k in a home equity loan into it for repairs and upgrades. We made out really good to date as far as the appreciation has gone. We paid $289k and the current value is $456k. Most of the upgrades and updates we made came after refinancing (we used the refi data to get the equity loan) so I have to assume that the value is even higher.
I paid cash for my last truck and don't have any other large monthly payments.
What I'm looking for is some insight on what to give my soon to be ex-wife to allow me to stay in this home and that is why I'm posting here and not on r/legaladvice. Obviously I take on the mortgage 100%, and I take on the home equity loan 100%.
Math is not my strength so i'm wondering can I pay her off? I could only come up with $10k if that were possible which I'm sure isn't enough. How much has she already contributed to the house? If I pay her off what would that figure be? Is there any other way to do this? Is there a way to sell the house together and buy it on my own? I'm pretty sure that I couldn't afford it (given its current value) that way even if that were possible.
Lastly, am I a fucking moron and should I just sell the house and move and make things simpler for everyone? I really want to keep this house. I put a lot of work into it myself and I know that I will never be reimbursed for that but the house is very emotional for me. I'm willing to let my emotions go if it is not financially sound, I've accepted that before typing this.
Submitted April 06, 2019 at 01:12AM by iififiifrififjjfjs http://bit.ly/2FWh2df
