Unfortunately, divorce imminent..

A

arkantos

New Member
Hello folks, unfortunately, my marriage is about to come to an end. Now I am facing with dilemma of whether I can afford to buy over our current home. Hence I need some advice on my current predicament with regards to my finance. I am not well versed with the housing aspect of things, hence need advice.

I am currently staying in an EC with my soon to be ex-wife. The first five year term is coming to an end of 2011, so selling is not a problem.

Cost of house: 450k. I paid the 10% deposit in cash at 45k.
Outstanding loan: 100k.
I have paid about 210k from my CPF and accured interest is 20k.

Assume the current house sell for 800k.

(i leave out the agent fees, stamp duties, interest left on the 100k loan etc)

So split into 50%, I will be entitled to 400k. I will take back my 10% deposit at 45k, hence 445k. After returning the 230k back to CPF, I will be left with 215k. So now I have 230k CPF + 215k cash. So if i buy over the house, I can upfront pay up 445k and left with a loan of 355k.

Am i correct?

Appreciate all your advice in advance. Thanks
 


Believe I made a mistake. Should be

Current at 800k, returned 100k to bank left 700K.

At 50%, 350K, take back 45k deposit at 395k, so if i want to take over the flat, my loan will be about 400k
 
are u 35 yet?

might be better off buying another place if your finances are stretched.

i would assume if house is 800k, u have to take back 45k first, then restore your cpf before u split the cash components. but it's really very much upto u guys how u wanna split it.
 
Hi powder, i am just over 35..

so assume 800k, -100k loan, left 700k, my cpf payback at 230k and hers at 110k, so left 700 - 230 - 110 - 45 = 315k.

we agreed to share 50% hence left with 158k. So with 158k + 45k + 230k (cpf) = 433k. i will left with a loan of 800k - 433k = 367k right?

Thanks
 
then it should be pretty easy. calculations more of less there depending... not far off, just be conepservative.
 
actually u can buy over her half share, instead of going thru all these.

just indicate to the mortgage officer that you are buying over half share, and see how much loan you can take from the bank
 
i would buy over your ex's share. the housing market is brutal out there still. you don't get very much for your money.
 
Thanks, YJZL, for your suggestion. Seems to be the easier route.

The divorce, by no means, is confirmed. Wait and see.
 
tomasulu, thanks for your thoughts. No worry about the money, my financial position is well equip to handle the case.

My only thoughts now is, if divorce is to go ahead, whether to take over the share of my partner, will not depends only on current financial position, also on the future probable position as well.
 
The divorce, by no means, is confirmed. Wait and see

Mind sharing why you all have come to this stage? It's ok if you are not comfortable to share.
 
Why ask someone to share this kinda stories when there is no need to?
happy.gif
 
Hi Titan,

I suggest to sell house and move back to parents' house.

You have an instant windfall with the hot property market.

After market crash, then you buy.
 
u so certain on crash ah?

my take is that the market will defy expectations and head north instead, only the mass market suburban will be soft.
 
Hello folks,

To cut the story short, if my marriage does not work out, its my fault. Well what's done been done, hence not gg to spend too much time to dwell on the past.

Hi Albee, unfortunately, my parents are no longer around, hence me been on my own for about the last 20 years or so.

cheers
 
I know where the property market is heading.

Like what WKS said about Mas Selamat..

The property market is either going up or going down.. take your position and hope you are right.
 
not kaypoh lah jut curious...but the man has state it stand...

The gov will not crash the market...there are more property owner than first time buyer...unless recession and a spike in interest rate........
 
it's not in the blood for guys to share these processes. those who typically share For Weeping purposes, will be the same ones u see hanging around unwilling to let go, and thinking the world owes them something.

moving along... whether mkt goes up or down will depend on where u're buying. u'll be foolish to think some weirdass suburban condo with bad infrastructure is gonna be a sound investment. cheap is relative... cheap things seldom appreciate. wanna buy for investment, dun buy cheap... wanna buy for stay - buy wat u'll like for a long long time.

ps, maybe abit harsh on my 1st para... but well. whole point is why u even need to ask the process when the decision is made? wanna serenade in pple's misfortunes and start a support group?
 
hello TG resident

He said "The divorce, by no means, is confirmed. Wait and see" leh...that's y I am curious ma...ask only lah ok...what in the blood for guys not to share...u saying those who share here are wimpy grumpy lot lah...come on lah..its ok to share and let out your emotion even you are a tough guy...its no shame ok...we are human afterall
 
Hi

Would suggest you selling it off and buying a smaller unit unless you are in need of space.. guess its rather lonely for you to stay behind and i also believe to start afresh in a new premise..
 
Hello folks, be cool.

Thanks for all your concern and advice over the past few days. Much appreciated. Am keeping a cool head over the situation, and I am pretty level headed when dealing with finance, hence in this aspect I guessed I will make a good decision.

cheers
 
titan,

Depends - if you have no hang-over the property - do explore to buy it from spouse - financially it should make more sense.

On the other hand it may not be a bad idea to sell and then start anew.
 
ya just makan the place. if u're a lady, i'll be advising u against it becos everytime u're back, u'll be 'looking back at all the sweet memories'. even using washing machine also will have a flashback.
biggrin.gif
 
ya...the man makan the place..start a new life and bring in another new gal..very easy hor...then we lady will stuck in the past, cry and regret right...what nonesense...sexual discrimination and stero-typing..patting the back of his same kind...u need a wash in the washing machine...chek!
 
Hi all, sorry to have to use this post to post my problem as my internet explorer keep on crashing on me whenever i wanted to post a new thread. No choice but to post it up here..not sure if anyone can help me...

Im seeking some legal advice, no hurry though thus i did not check with the lawyers.

I would like know if it’s possible to fight for the whole profit (100%) of our resale home, if me & my husband file for divorce on mutual agreement?

Some reasons and questions:
1. Had wanted to filing for adultery, but evidence does not come from third party, I just have some photos evidence only.
(Most likely I would not be filing for adultery since I feel there’s no point as I have no evidence from a 3rd party)

2. Also as I have been the only person contributing to this house via my CPF only as he has not been staying with me since day 1 when we shifted in in Nov 2010. By the way this was our 2nd home which we bought under resale.

3. Have been paying for all the household bills and even up till now he has not changed the address on his I/C.

4. If I were to file for divorce now, our flat has not reached 3yrs but I think mine is not affected by the new 5yr law, so I will still make a loss of how many percent of the flat if lawyer assist to handle this case?

5. What evidence must I provide to ensure that im the sole person paying for this house?

Thanks so much
 
If we sell the house, even thou we will make a loss but there will still be profit right? after deducting all the accurred interest and everything?
 
You have yet to reach 3 years (MOP), you wont be able to sell in market and instead there will be forfeiture (certain % of the valuation price).
No profit to talk about, if you are the only one contribute thru the CPF, the forfeiture will be from you CPF (meaning returning to your CPF will be lesser). Did you take HBD loan or bank loan?
 
Im a guy, can tell easily from my nick.

Marlboro, for housing loan, evidence that only you are the sole pax making payment should be easy to prove, same for the bills.

cheers
 
Most likely we are going to wait till after 3yrs than we divorce..so im quite concern since im the one contributing all along and him nothing, but still have to split the profit of the sales with him.
 
Hi marlboro,

It's really unfair. Your hubby should get zero profit.

He just signed on the dotted line and disappear.
Not even as a househusband, looking after children. He can't expect to get anything out of it.

Hope the law will be on your side. This will prevent greedy people from signing the HDB purchase and expect a windfall without contributing to it. It's unfair to the contributing spouse.
 
There is no such thing as absolutely fairness.. Why zero profit when he is part owner of the house.

Look at it this way, without him signing, can you even make this profit?

You can probably split some profits with him after paying back all the loan and CPF. If there is a loss, he should also pay for some of the loss.
 
To Titan

In reality it might not be so easy for you to buy over her share, if your ex can legally get a larger % of the property thru her lawyers.

doesn't mean if the marriage is short she cannot get a larger percentage of the share of your current flat.

Even if you were to agree, it might not leave you with much for another flat, maybe a small one.

This is a reality called women's charter!
 
Any one knows the formula if the flat is to be forfeited by HDB?

Flat current valuation price - remaining loan amount to service-HDB forfeiture= to be returned to CPF?
OR

Flat current valuation price - loan amount given at begining- HDB forfeiture= to be returned to CPF?
 
happiness: this u need to ask HDB. They have a few criteria. and they will only give u the lowest of the three.
Sthg like x% of market price, or Y% of valuation price, and sthg like that. Cant rem the third one.
Go talk to a lawyer, they are the best ple to advise you.
 
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