I understand that you and your husband have made the difficult decision to end your marriage after 27 years, recognizing the toxicity that has persisted for the past decade. As you plan for a separation, your focus on ensuring financial stability and a fair division of assets is crucial. Here are some key points to consider:
**Current Situation:**
You and your husband have agreed to part ways and have discussed a financial arrangement without involving attorneys to minimize costs. The primary shared asset is your home, valued at $700,000, with two outstanding loans: a $105,000 home equity loan and a $150,000 traditional mortgage.
**Proposed Financial Plan:**
- You intend to retain the home, where your parents also reside, and have planned to use a portion of your inheritance to provide your husband with $210,000 for a clean break.
- Another portion of your inheritance will be used to pay off the home equity loan entirely, and you aim to refinance the mortgage in your name only, with the support of your parents contributing to the payments.
**Challenges and Fairness:**
- Given your income of $58,000 per year, it is not feasible for you to buy out your husband in the traditional manner due to financial constraints.
- The proposed financial arrangement appears fair, considering your financial capabilities, your husband's financial situation, and the contributions of both parties to the home.
**Legal Considerations:**
- It is essential to formalize the agreement in legal documents to protect both parties and ensure clarity on the terms of the separation.
- Consulting with a lawyer to review and finalize the legal documentation is advisable to address any potential issues that may arise in the future.
**Focus on Children and Well-Being:**
Your commitment to creating a healthier environment for your daughters and ensuring their stability during and after the separation is commendable. Their well-being should remain a top priority throughout this process.
In conclusion, your approach to the separation process demonstrates careful planning and consideration for a fair and amicable resolution. Seeking legal guidance to finalize the financial arrangement and ensure that both parties' interests are protected is a crucial step. By prioritizing transparency, communication, and fairness, you can work towards a mutually acceptable agreement that sets the foundation for a positive post-separation future for all involved.