After 11 years of marriage & 3 kids, dh and I have called it quits. While processing all the emotional issues associated with the split, we're also faced with ensuring that our finances will be sorted fairly. Without airing all our dirty laundry, the biggest expense, of course, is the house. In a nutshell, we have a 25 year mortgage at 4.5%. Remaining balance is $237,999. HELOC balance is $15,700. So, call it $255K for both. Minimum payment for mortgage is $1725 and HELOC is $63.00 per mo. The home is "valued" at $233,000. So under water and that's assuming we could realistically sell it for the valued amount.
Neither of us in totally set on keeping the house, yet also know we may be stuck there. Currently, we are living "separately" under the same roof until we are able to find alternate living arrangements for one or both of us. With the hefty mortgage, even the thought of a cheap rental for one of us seems overly taxing financially.
So, options for us: try to sell it at a higher price than it's worth (uh huh), one of us stay in the house and refi to a longer term, thereby lowering the payment, or...what??? Our credit is excellent and I'd oh so love to keep it that way.
Divorce sucks on so many levels. Any words of advice from fellow mustachians who've failed at marriage?!