In a divorce...need advice from a real estate agent or assessor please

[Jeanne B]

I'm in the process of a divorce, we had mediation yesterday and previously my ex's lawyer had signed a document saying that my ex had no right in the real estate but suddenly yesterday they requested 50% equity which caught me by surprise...long story short...we married in '91 and divorced in 2000, I got the house in the divorce (although I was never required to refinance so mortgage stayed joint) and then we remarried in 2006 (my lawyer reminded me yesterday that I never should have remarried him, lol...I was trying to do what I thought was best for our daughter, what can I say) but the house remained in my name only and my lawyer said the only right he would have is any gain in value in the last 3 years since we got remarried but his lawyer his pushing for 50% since we have a long relationship....but if I take it to court I could take the chance of a judge thinking differently.

My dilemma is that I have absolutely no idea what my house is worth...they first requested that the house be assessed and that I split the fee with my ex...then they came back and said they'd skip the assessment but want 50% of the equity based on the figures I gave...part of me wants to put my foot down and take it to court if I have to but I'm worried about a judge agreeing that he should get 50% and if it goes to court it may have to get assessed anyway and if it comes in higher than it would cost me even more.

The tax value is $72,500 for a small 2-bedroom ranch on a 1/2 acre of land in a rural area but every room in the house is half-finished due to remodeling my ex never finished, not all the siding is on the house, it needs insulation in the attic, the kitchen cupboards need to be replaced, it has a wet basement (fills with half a foot of water if I don't get the drain plug in before heavy rain)...we now also have a half-finished garage...it's built but there is no siding and trim and no windows yet in the lower half...my feeling is that I have to still dump a lot of money into the place to make it sellable on the market, yet he wants a $19k cash payout for 50% equity, but I don't know how much the things I just listed can have an affect on the appraisal price so I was hoping to get some advice from those in the business and wondered if there was any chance an appraised value could come in lower than the tax value based on the items I mentioned or is that probably unlikely?

Sorry for the long post!! I'm just so frustrated today because my ex quit his job 2-1/2 years ago, hasn't done much since, I was fortunate to get very good profit sharing the last 2 years (but not without a lot of hard work) and it did nothing more than replace his lost income...in addition to all the general household expenses I've paid all the mortgage payments, paid for all the remodeling materials for the house and to build the garage, as well as work alongside my ex helping him to remodel the house...I always encouraged him to start a 401k at his job but he never bothered and now he's going to get a chunk of mine and is also trying to get alimony...he's one of these people that never thinks beyond today...maybe I'm sounding greedy and someone may flame me but it's just frustrating knowing he left it to me to support him and our DD the last 2-1/2 years and now he wants to take even more....as much as I'm trying to get some advice here I guess I'm also just venting.

 

[GetGlowing]

I'm not an expert in this area.

That said, sounds to me like you need a real estate appraiser or at the least a real estate agent to run some comps for you to see what similar homes have sold for in your area, and they would adjust the value of your house based on its condition inside and out. You cannot go by the tax assessment for the actual value.

Plus it sounds like you and your lawyer need to stick to your guns since he's such a deadbeat in the savings and investing area.

Good luck!

 

[kellyg403]

Well, honestly if it were me, I would personally pay for an appraiser out of my own pocket and see what you get. I don't necessarily think you would have to divulge that information since you would be using it as a base for what the house is worth. Then you would know if you should take your chances and go to the judge or just settle. And from someone who has been divorced...trust me just settle if you can reach a negotiation...the money spent on a judge telling you what you already should do/know is better off in your pocket. I would ask your lawyer if that would be a reasonable solution to your dilemma.

Many hugs to you...I don't know what to say other than stick to your guns. It sounds like your ex is looking to make a profit no matter how he gets it. And that really sucks!

Kelly

 

[Cheshire Figment]

If he has a lawyer and you do not you are in trouble. If you do have a lawyer, talk to it.

 

[manning]

What do you gain? Your at 50% now. Is this the most you will lose? What would you have to gain over 50% if you go to court? You said you are afraid the judge would give him 50%. It sounds like you do nothing you give him 50%Have you counter offered? Did you clarify what the definition of a long time relationship is?

What is the gain over 3 years? Remember values are going down. Their side has the opinion they are entitled to 50%. Do they? What is your lawyer saying to do?

In negotiating it is difficult if almost impossible to get back what you have given up. And above all get your emotions in check. You get emotional you start to lose. I know, before I retired negotiating was part of my job.


The advice I would give is spend the money yourself and get an appraisal. Right now you don't have any solid info of value to make a decision. Only when you know what the value is can you make a counter offer or stand your ground. Also call in several real estate agents to look the place over and get their opinon as to what they think the house would sell for. It won't cost you anything as long as you don't sign a contract to put the house on the market.

This house would be sold as a fixer upper. My gut feeling the appraisal will be low. Don't know, but that's my feeling.


You said the house is assessed at 72,500 for tax purposes. The government will always assess high. My house is assessed at over 400,000 and I know I would be lucky to get 300,000. Tax assessment is done at a 3 year average here and the bad years haven't kicked in yet.

I have a feeling you gave them some figures out of the blue not knowing what the true values are and they figure your figures are better than an appraisal would give. That may be why they are willing to skip the appraisal.

 

[Disney Doll]

First of all, if you have an attorney, he/she would be the person to talk to about what to do.

That being said, many realtors will do a free real estate appraisal which would basically give you an idea of what they would list your house for if you were to put it on the market. It sounds as if all the half-finished projects would decrease the value...obviously if your house is half-finished and the house next door is in move-in condition, anyone making an offer on your house is going to consider the expense that will be involved to finish your house and therefore will offer you less money for your house.

I would also consider trying to find proof of the amount of money you have paid toward the support of your fmaily (including your non-working husband) over the past few years. Perhaps that will sway the judge a bit to think that he has already gotten the benefit of his "equity".