seperation the fair way

[fredo]

Hi all I have given a lot of thought about positing this and have decided that only a few of you know me so I am protected to a degree

I am going through a seperation and really need the expertise of the forum

In a nut shell I want to provide a secure unencumbered home approx 260K for my wife and 2 childred aged 15 & 17

Assets PPOR value $300K used as security for investments

QLD property purchased for $208 K Feb 02 loan $216K recent val 280K

Melb prop purchased $92K in June 99 loan $125 which includes some shares and a few vending machines

Total loans are $341K I want to provide a nice unit in the eastern subs at about 260K un encumbered, I will also provide 6K towards a replacement vehicle all up including costs I figure 280K

I am looking at the best financial solution available considering capital gains tax, asset dispoasl options considering costs and any suggested creative avenues

Let me say this I am not looking to short change my wife or kids
I am on approx 65K PA and will pay $800 per month in child support

Please believe me this is not a cry from a bleeding heart as I value the opinions aired on this forum

Best regards and thank you in anticipation

Fredo

 

[Sunfish]

Have you recieved the first letter from her lawyer yet? Commit to nothing till you do. Then, and only then, do the right thing which you clearly wish to do.

Any offer you make now will be considered ex-gracia by a court should it be asked to decide. But I'm not a lawyer, see one soon.

Thommo

There is an old saying, "I never knew I hated my wife till I got the first letter from her lawyer".

 

[fredo]

Thanks Thommo
At this stage there are no lawyers involved and I am getting some good advice

Thanks for the reply

 

[DaleGG]

Hiya Fredo

I am reluctant to see you sell the existing assets as in doing so you would dilute the wealth or equity that you have achieved to date through paying legal fees, agents fees, CGT and bank fees.

Will a bank provide sufficient finance for the wife's new home using the existing properties as security?

I have no magical answers, I am afraid.

Sorry

Dale

 

[sbe]

Sorry to hear of your situation Fredo.

You didn't value the Melb one, but here's one possible option, without having to sell anything (and hence burn $$$)

Loans total $341 ($125 + $216)
Assets approx $730 ($300 + $280 + say $150)

Based on 80% lend of the above, you should be able to get total borrowings of $584k, leaving around $243k to play with.

I don't know if the PPOR can be rented, or if you'll live in it etc, and you'll have to figure out servicability etc, but at least you get to keep any CG.

Best of luck.

Simon

ps: I Praise you for trying to do the right thing by your family. Kudos.