+1
by the way, according to Barbara's, a man is either known as an asshole or son of a bitch. Perhaps we need a word that applies to both genders.
ps. By coincidence, a female friend confided into me last night about her husband having an affair. SHes planning to get a divorce but in this case, she s negotiating with him to make sure both parties are satisfied. Meanwhile I kept thinking about this thread the whole time especially with the house issue. Apparently her husband grew up in that house. His mom sold the house to him and his wife at a bargain price. SO the couple together put a mortgage on it. SO tboy, should they split it equally..or....
ps. This husband cheated on her twice. Yet the wife did have an affair one time. UHmmmmm man isnt marriage/relationship too complicated???
Regarding the house: what is their pay scale compared to each other? What was the original purchase price? What is owing on the mortgage? Are they both paying the mortgage? (many times I've seen something like one spouse pays the mortgage and the other makes the car payments)
See, when splitting assets such as houses, if the house is worth $300K, and the balance of the mortgage is $250K, the only part that should be split is the equity in the house. In this case, $50K. Now that value would have to be reduced by closing costs on the sale (commission) minus any penalty for paying out the mortgage early.
This scenario is different than my cousin's if they are both paying the mortgage. The thing about my cousin's situation is he was the one paying for everything. One point about childhood homes is there is a sentimental value attached to the property and that should be considered when calculating a "split". Just like what a stay at home mom is "worth" for doing that, it is purely sentimental in nature. She was never "paid" in monetary terms to do her duty as a mom. Yet time and time again, during a divorce, her being a mom has a monetary value put on it.
For eg: I do a lot of stuff for friends and neighbours for free. Just like being a mom, I am not "paid" anything for this work. Does RevCan tax me on the "value" of this work? During a marriage, does RevCan calculate what the tax would be on the "value" of her "work" as a mom? A resounding NO.......
So, to summarize, unless there were plans to sell the husband's childhood home, the "split" would be the
original purchase price of the home minus any outstanding mortgage......