Reply to Custody-Does the parent who can afford the house and hence same schools get the kids?

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Reply to "Custody-Does the parent who can afford the house and hence same schools get the kids?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op. My ex and I split our assets except the house. We both still own it. I will stay in it til the kids graduate.

You can get a roommate to help with bills.

You split the proceeds when you sell. [/quote]

We were going to do this until I thought about what would happen if I died while he was still on the deed to the house- he would automatically get all of my equity as joint owner.  So I removed him from the deed and executed a promissory note that equaled his portion of the equity.  So my owing him his equity money was no longer tied to the ownership of the house.  I still intend to pay him off after the kids are out of school but my estate is protected on the off chance that something happens to me.[/quote]

I thought this applies only in the case of a married couple where the house is held as "tenants in common" or something similar.  Once you are divorced, all you might have to do is re-do the ownership type and your 50% is part of your estate.  Of course, I'm not a lawyer and it would be great if a lawyer confirms this..[/quote]

Tenancy in the entirety is what married couples typically have.  Tenancy in common (50/50) is what you want.[/quote]
You can change how it's titled but what the PP did by switching to the promissory note is also limit any increase in value the ex might enjoy.  Tenancy in common would mean that ex gets 50% of any increase in value, but promissory note means that ex is only entitled to the value of the note (which isn't even secured by the house!).[/quote]

PP here- the switch to the promissory note was intentional. We split all the finances at the time of separation, including the house equity.  We based the value on the refinance appraisal (which came in way low by the way since the appraiser didn’t really care what the number was, I had enough equity for the refi).  I kept the house, he kept his retirement accounts but I still owed him a bit of money for his equity (around $50k). So he was only entitled to around $50k of the equity which is a small percentage.  That was the reason to remove him from the deed and the agreement to pay him off through essentially an unsecured, interest free loan. I took over all responsibility of the house at separation to included all costs, repairs and maintenance.  So he signed off because he was only entitled to a small set amount.  We’re amicable enough and he knows me well enough to know I’m good to repay him.  And that I’ll most likely pay him back before the money is officially due. [/quote]

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