Potential Solution for Affording Mortgage ?

[Curtis23]

Hi everyone. I have a question about options for the family home during divorce. Both my wife and I make relatively similar incomes, right around 100K each. Our home is worth slightly less than what I would anticipate it selling for - I estimate in 2-3 years, if the market stays right around where it is, we'll be out of the red. Obviously that estimate would be shorter or longer if the market gets better or worse.

I have not yet spoken to an attorney and I understand that ultimately I will have to. I'm the type of person to try to look at all the angles before doing something, especially with attorneys charging by the hour.

For the sake of argument, let's say she's awarded primary custody of our 11 month old daughter (I'm not conceding this point). I'm also not sure of the correct terminology, so by primary custody I meaning I get the typical every other weekend/ day per week setup. I fully expect (and want) to pay child support if this is the case.

Finally, to my question. I anticipate neither of us wanting to stay in the house long term. Nor do I expect her wanting to stay in the house short term. I could hypothetically afford to stay in the house myself short term until it sells, but I don't think I could afford that AND child support, on top of other increases in expenses.

What are your thoughts on the viability of the following:
• We put the house on the market right away.
• I stay in the house and pay all expenses associated with it until it sells.
• During this time, no child support is paid. (based on an estimate her portion of the mortgage is 2x what CS may be)
• Upon selling the house, any profit (doubtful, but possible) is split.
• During the time I'm in the house, I get the tax write off for interest; she gets to claim our daughter as a dependent.
• Once the house is sold, CS commences at a pre-determined rate.

I've read articles that say judges are hesitant to sign off on agreements such as these even if both parties are on board. The biggest impediment, aside from figuring out custody, is the house. I'm just trying to figure out a way for us to solve this aspect so we can really focus on how to co-parent our daughter. On my wife's salary, she can more than afford child related expenses during this time, especially since her mother watches our daughter during the day.

Any thoughts on this? Alternative approaches? Thanks everyone!

[hoosier_dad]

I wouldn't spend a lot of time working out mortgage solutions that require you and your STBX to agree. Based on your initial posts your ex is extremely combative and will be blindsided with the divorce. I doubt you'll get much cooperation from her on this type of intricate agreement. Her attorney will push for exclusive possession of the marital residence with you paying a good portion or all of the mortgage and bills temporarily. With her attorney advising her she can get this arrangement, what is her motivation to agree to your option?

[Curtis23]

I think she will initially be extremely combative and surprised. When it comes to the house, however, I do not expect her to put up much of a fight. The house is seen by both of us to be an albatross around our necks - both from a financial and upkeep standpoint. Even if I needed to pay for the mortgage, I don't see her wanting to stay. What she values most right now is an easier life with less responsibility and more time with our daughter. Her being in the house by herself will actually cause he more work, since I do a fair share of the household duties (cleaning, laundry, dishes, in addition to all outside work). Further, she has a thing about being in the home at night by herself without me there. We live in a perfectly safe neighborhood, I think she's seen one too many Datelines. I believe she'd want to move into an apartment complex setup, which is how she lived before we met.

[demurrer]

Hmmm... Make your choices now before a court order takes them away. After the divorce paper work is filed you'll be very likely ordered to make those mortgage payments AND pay temporary support until the dicorce is finalized. Refinancing and selling the marital home is deferred until the court makes its final decision regarding distribution of assets and liabilities.