What would you do?

Options
Dabutcher
Dabutcher Posts: 2,621
in The Clubhouse
My wife moved out in February and is divorcing me.
Minnesota law states we half to split everything.
We both have lawyers.
I want to keep our house.
It has been paid off since 2013.
So I need to buy her out of her half.
Appraisal says 315K value.
Seems like lots of options for me.
Refinancing is one.
Anyone want to give me some good options please. Thank you for any and all help.
Thanks. D
MIT Magnum MH-750, Monster HTS 5100MKII, Sony 77" Class - A80CJ Series - 4K UHD OLED,PS4, Def Tech 15” sub,LSIM 706c, Sunfire Signature Grand 425 x 4,Parasound hca 120, LSiM 702 x 4, Oppo 103D, SDA SRS 1.2, Pioneer Elite SC63 , Pioneer Elite BDP-05 “Why did you get married if you wanted big speakers?”
· Share on FacebookShare on Twitter

Comments

  • billbillw
    billbillw Posts: 7,977
    edited July 6
    Options
    That sucks. I went through similar 4+ years ago and we just sold the house and split the proceeds. The housing market was red hot back then, so the sale was quick and it gave us a large pot of equity to do our own thing separately. The market has cooled significantly since then with many houses taking a long time to sell.
    Is that $315K value from a paid appraisal based on current market conditions, a broker's price opinion, or a Zillow value?
    Seems like re-fi is one of the few options if you want to stay in the house unless you have investments or other savings you can pull from. Selling will see a lot of value go to the Broker/Agents. I'm not sure if you can get a new traditional mortgage with a divorce re-fi, or if you would be limited to HELOC type loans which would have a much higher interest rate. I'd find a good mortgage broker that can help you. Not a bank or website, but a real broker. There are so many different types of loans and packages they can get creative with. Good luck...I know you need it.
    · Share on FacebookShare on Twitter
  • Emlyn
    Emlyn Posts: 4,881
    Options
    Since opposing lawyers are involved, and property distribution laws vary between States for divorces, it may be best to let the lawyers earn their keep and work out an arrangement that's mutually agreeable or at least present a range of options to make things work out for where you live. The house is just one of many things to consider in the split. Also, some States don't have a straight 50:50 split when it comes to real estate or other property.
    · Share on FacebookShare on Twitter
  • pitdogg2
    pitdogg2 Posts: 27,623
    Options
    Hookers and Cocaine brah, Hookers and Cocaine......


    · Share on FacebookShare on Twitter
  • rebelsoul
    rebelsoul Posts: 785
    Options
    Make sure if you refinance leave a little extra for new audio component, helps take mind of how **** divorce is . I divorced and got new balance audio technology vk 120 mono blocks , sometimes listening I don't even remember her name lol.
    · Share on FacebookShare on Twitter
  • tratliff
    tratliff Posts: 1,824
    Options
    Uneven splits happen all the time. Don’t ask me how I know.
    2 Channel Rosso Fiorentino Volterra II, 2 REL Carbon Limited, Norma Revo IPA-140B, Norma Revo DAC-2, Lumin U2 Mini, VPI Prime w/SoundSmith Zephyr MIMC, Modwright PH 150, Denon DP-59l w/Denon DL-301MKII, WAY Silver 3 Ana+ Speaker Cables, WAY Interconnect Cables, AudioQuest Niagara 7000 w/Dragon, WAY power cables for all other sources.
    · Share on FacebookShare on Twitter
  • nooshinjohn
    nooshinjohn Posts: 26,072
    Options
    Let me see if I can find that business card….

    Dirty Deeds done Dirt Cheap.

    1-888-CYANIDE
    The Gear... Carver "Statement" Mono-blocks, Mcintosh C2800 Arcam AVR20, Oppo UDP-203 4K Blu-ray player, Sony XBR70x850B 4k, Polk Audio Legend L800 with height modules, L400 Center Channel Polk audio AB800 "in-wall" surrounds. Marantz MM7025 stereo amp. Simaudio Moon MiND2 Shunyata Triton/Typhon Rotel RP9400 Turntable

    “When once a Republic is corrupted, there is no possibility of remedying any of the growing evils but by removing the corruption and restoring its lost principles; every other correction is either useless or a new evil.”— Thomas Jefferson

    How many flies need to be buzzing a dead horse before you guys stop beating it?
    · Share on FacebookShare on Twitter