MUCH more later tonite, when I have more time to dig into this as there's SO much meat in here (THANK YOU!!). But for now, I wanted to single out:
Originally Posted By: Stillhope
Rent/mortgage isn't singled out as a CS expense. Pump in the incomes, child care expenses, and out pops a figure from the CS calculator. In that calculation is a figured percentage/calculated amount that is considered to be for shelter expences. If CS plus mortgage plus debt responsibility plus SS is more than the intake than tough choices will have to be made. Usually it means selling the house and downsizing.
This will absolutely calculate out to "more than I can pay," and to make it worse, you can't SELL a house right now, so what to do then??
Is it reasonable for me to base my calculations (and my expectations) based upon my wife increasing to full-time employment (imputing full-time income to her)?
We'd really like to keep the house until such time as the market rebounds at least somewhat, so that "a" the boys can stay in it, and "b" we need the equity out of it to pay off these debts, so we can each start our new lives over debt-free.
HOW DO I CALCULATE THIS??? For the sake of argument, figure:
- $2k/mo. in child support (last time I ran the State calculator, it was very close to that)
- 24 year marriage
- wife is SAHM for nearly the entire marriage; only worked part-time otherwise
- $4k/mo. in PITI on the house.
- I net $10k/month in income - W nets 400/month in income
- $1500/mo. in debt service; $500 in her name and $1000 in mine or joint
