Need PRE-DIVORCE HELP
Gold digger -bailed out after 8 years and her brand new masters college degree today. She filed divorce. Please advise.
Motown accidental landlord-57yrs old.
Married 1999 to gold digger (obvious now)
I met a woman who owned a 54,000 (1998 appraisal 63,000)
I owned outright a 230,000 sf
I owned a condo -new-227,000 (owed 212,000)
I suggested we each put up 10k and buy a house and marry
She talked me into moving into the condo.
She talked me into renting both of our houses.
I put 15k in sod blinds ect. in condo. We moved in.
I cashed in bonds and put 30k into roofs furnaces in the rentals.
I did all the work-she did nothing.
They rented out for 7 years.
She talked me into buying "our" home.
The condo would not sell for the 242 I had in it so like a dummy I finished basement and rented it out.
The "our house was 279,900.
I tapped my 401 for downstroke.
She needed furniture.
I borrowed 15k on the condo(equity line)
We refinanced the condo as a investment loan in 2003.
She refinanced her house in 2003
We have 22,000 in credit card debt.
I owe 12000 in back taxes on my paid for rental.
She owes 48,000 in student loans.
I have 401 gain of 50k.
The rentals both went up since 1999 but hers went up from 63k to 110k.
My rental went up from 230 to maybe 275k
The condo went down or is even.
The "our house" went up 20k.
My depreciation was 10k on condo-4k on rental for 7 years
her depreciation on rental was 3k for 7 years.
Question. Michigan is a no-fault divorce state.
Now that the 900k in real estate did not double in 8 years
Now that it is even or small gain.
1. How do I prove the 1999 values credibly?
2. Will she have to pay half of the 12k in back taxes?
3. Will the court allow the 35k in taxes due on sale(depreciation) to become splittable-1/2 each?
I believe she wishes to combine the 4 houses and she thinks there will be equity gain-even after credit card s paid.
My math says she owes me cash -like 30k.
She could go "we each keep our houses and split the condo (loss) and "ours"-which means who pays back taxes on mine? What can I expect in court? Help in Detroit where values have plummeted but how do I prove it credibly?
Seek a divorce attorney who can assist you with all of this as well as the divorce and make sure you get a good attorney.
No court is going to believe the bloodbath RE values have taken recently.
You need to possibly propose all properties need to be sold and equity (if any) is split between the parties.... after returning to you the equity infusion and sweat equity.
Good luck in starting over.
Why are you blaming the woman when this was your choice? My mom told me early on - no prenup, no ring.