Blindsided
New Member
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- 3
House was bought for €365k but probably worth closer €500k now. Approx €260k left on mortgage for 22 years.
If the couple are married, this is the Family Home & property is deemed to be jointly owned.you did not do any agreement when you bought the house in terms of what percentages you own if you split up, so we have to assume that you own it 50/50
She's offered to buy me out for 100k or I can buy her out. But she's just plucking numbers out of the air as far as I can tell.
1) You will have to give her €120k cash for her share of the equity.
So the €240k is split €140k to you and €100k to her.
would there not be a longer waiting period for a self employed person to get mortgage approval?
Absolutely disagree here; rushing at fences.If you are in a position to do that, then you should go for it.
If one parent is really the main care giver then their housing needs are more tied to the child than the other parent but it's reasonable for both parents to expect to provide suitable accommodation for their child.If you continue to be the main carer there is an argument for you to stay in the family home until the youngest is through college. Could you take on the €1400 mortgage yourself? Then when the kid is grown sell the house and give your spouse the €120K equity they would have in it.
Yea, that all seems a bit strange. There's no way setting up a company requires less hours than working for someone else so, for at least the next few years, the mother will be around less. Then there's the mortgage application. How does she expect to pay it when she isn't earning anything? @Blindsided, are there savings and/or investments that you haven't mentioned? Is her new business being funded by someone else? Has she already set it up? If so then there's a case that some of it is yours.Your spouse may want to rush because she can get mortgage approval while she is currently working, but you need to consider where it is best for you and the child to live.
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