Location: Illinois
Starting divorce discussions. I was a SAHM to our 4 kids for almost our entire 10 year marriage. The exception being 6 weeks ago I got a full-time office job because my husbands abusive and alcoholic behavior had escalated significantly over the last couple years and I knew I needed to prepare.
He makes close to $200k annually. My new job starting salary is $60k.
We have roughly $200k in equity on our house ($160k remaining mortgage balance).
Per the state, I calculate roughly $3,000/month alimony for 4.5 years. Any 3 bedroom rental around us (to remain in school district) is $3,000/month before utilities, And even with my half of the equity ($100k) I wouldn’t qualify to purchase anything with my lack of employment history currently. I don’t even know that I would qualify to rent right now! I have no savings and I’m not on any of our bank accounts (no access to marital money).
I’m proposing he move out and pay our $2,500 mortgage/tax/insurance paying in-lieu of alimony for 2 full years. After 2 years we can sell and split the equity then OR I would be financially able to buy him out.
In my mind this is a pro for him because he’s paying less monthly than full alimony would be. And he’s also paying into the equity on the house, we have a 2.5% interest rate on a 15 year mortgage. It’s also a pro for me because it gives kids the stability they deserve (they love our neighborhood and spend most days around the block with friends who are like family). And it also gives me some time to get myself more financially independent.
Give me the good, bad and ugly about why this is a good idea or bad idea. From a legal standpoint…what should I worry about??