Should I keep the house

[ringer]

My advice is to keep the property, if you can. They don't make any more of those near-coastal residential properties, especially at 2016 prices. It will be worth so much more in the long term. Hard decisions. Good luck, sir.

 

[ringer]

Also, regarding the 401k, I'm pretty sure that in a negotiated divorce, if you give her some portion of the 401k to help buy her out of the house, you don't get taxed as if it was an actual distribution. Pay for some legal advice.

 

[Subway]

My wife and I sold our house a block from the ocean a long time ago and we will never not regret that terrible decision and can likely never get back into that location unless we win a lottery or inherit millions. We had all these reasons for selling that seemed to make sense at the time but in hindsight we should have never sold it (to say nothing about the fact that it would be 6 years away from fully paid off at this point!). In my opinion if you are in a location you like by the beach, you should try to hang on to it. As others have said, buy the other half out and rent it if you have to. For whatever that's worth.

Yeah we could get 40% more than what we paid 7 years ago, but, for the next several years, maybe for the rest of my life, a house 1 block from the ocean is a keeper and a revenue stream if and when the time comes to head south

 

[gbg]

I also would try to buy her out with 401K money to keep the house. You might have to work longer. Most lawyers will give you a consultation for a fee. I would try to work things out without fighting it out in court. Get the lawyer to develop a marriage settlement agreement.

 

[racer1]

I have divorced relatives who still talk about regretting selling their house decades ago

 

[sdsrfr]

would this trigger a new property tax assessment at value of the settlement?

I think no, bc coming from 50/50 but am no lawyer.

 

[rts265]

would this trigger a new property tax assessment at value of the settlement?

I think no, bc coming from 50/50 but am no lawyer.

man I hope not.

 

[rts265]

 

[oeste858]

View attachment 130897

You’re stocked. Property reassessments are a friggin killer

 

[rts265]

So the next question is can I get another loan for the buyout? Refinancing the current mortgage isn’t a good option with the current rates.

 

[ringer]

So the next question is can I get another loan for the buyout? Refinancing the current mortgage isn’t a good option with the current rates.

If you have equity you can always get some kind of loan on it, whether in the form of a HELOC, second mortgage, or complete refinance of the first mortgage with cash taken out. It all depends on the interest rates. This is something that you can get free professional advice about from qualified professionals who want your business.

 

[grapedrink]

So the next question is can I get another loan for the buyout? Refinancing the current mortgage isn’t a good option with the current rates.

Rates are still low historically. Slap a band aid on it for now and hope to refi at a lower rate down the line.