Real Wealth vs Phony Wealth in North County

[Happs]

I just watched this video and it got me thinking, are there any truly wealthy people in North County San Diego who are down to earth, drive old cars, aren’t materialistic and basically live below their means or within their needs?

[sdrealtor]

My neighborhood is full of them and I know tons more through out the area.

Here’s an example. I just got a call from a good friend/neighbor who is getting divorced and wanted to know if she could keep the house. The house is about 10 years old and worth about $800K. Loan is $300K. They drive american cars. I asked how much her husband made and it was considerably more than they owed on the house. I told her she’s going to be neighbor for a long time:)

[desmond]

I am sure her “husband” would thank you for all your help

[bearishgurl]

Wow, is sdr giving “legal advice” now??

There’s only one small problem here. The court will likely force a sale of the family home so that each spouse can take their equity share (if any) in their settlement.

One spouse MAY be able to retain the house if they are able to refinance and pay the other spouse their equity share, give the other spouse equivalent personally-owned real or personal property in kind OR if the other spouse agrees that they can live in it temporarily while their children attend a particular school. This last situation is fraught with problems and issues, however, as BOTH spouses names are likely on the trust deed(s) and note(s) and tax bill. Even if one spouse is ordered to pay certain bills related to the house, it doesn’t mean they will or they will on time and that the other spouse’s credit won’t be affected after divorce. Even if the spouse ordered to pay certain bills continues to pay them on time, the other spouse will have that debt on their credit report and thus may not be able to move on with their lives (get another RE loan/auto loan, etc).

Unfortunately, sdr will not be able to have a say in whether it will be “mom” or “dad” who continues living in the house for a period of months/years until their agreement/court order forces it to be sold :=[

[sdrealtor]

Again BG you dont know WTF you are talking about. They have tons of money and there is no reason to sell the house. The husband said she could have it and would have no problem keeping it. He wants her to have it and his daughter to grow up here, he just doesnt want to be married anymore. The mortage is only $1500/month and she will be getting 10 times that in spousal/child support. She isnt very fianncially savy and just asked me to check out a few things to see if what he told her was true. I did and he was being honest. She will be here for a long time.

Sorry but all divorces arent bitter court battles some are very amicable. I know about these things first hand.

[bearishgurl]

[quote=sdrealtor]Again BG you dont know WTF you are talking about. They have tons of money and there is no reason to sell the house. The husband said she could have it and would have no problem keeping it. He wants her to have it and his daughter to grow up here, he just doesnt want to be married anymore. The mortage is only $1500/month and she will be getting 10 times that in spousal/child support. She isnt very fianncially savy and just asked me to check out a few things to see if what he told her was true. I did and he was being honest. She will be here for a long time…[/quote]

So, “he” is willing to have the $300K debt on his credit report while “she” (ostensibly) makes $1500 payments for the next 20 years….assuming she is ALWAYS able to collect $15K a month in support payments…without interruption…lol. Isn’t spousal support typically ordered for half the length of the marriage in CA unless the payee is legally disabled, over the age of 65 or both??

I wonder how long this “situation” will last…or if it will even come about at all?

[Coronita]

Wow the economy must really be bad and putting everyone in a bad mood….Even long time piggs are sure dishing it out today and yesterday (inclusive)…

Well folks, it’s all good..

[earlyretirement]

I don’t think you necessarily aren’t down to earth just because you drive an expensive car or have nice things. It’s all relative. I consider myself extremely down to earth as well are many of my clients/friends that are what I’d consider affluent.

Yeah, many of them drive around expensive cars, have nice clothes, take expensive trips but the biggest difference is they are living within their means (or below their means when you consider most could go out and buy whatever they wanted in life) and most of them have no debt at all.

There are plenty of truly affluent people in San Diego that are down to earth. There are a lot of pikers/fakers as well that have no net worth and driving around a fancy and expensive car but make no mistake San Diego is full of affluent down to earth people.

I don’t necessarily think driving a cheap car makes you “down to earth”. I think it’s all about living within your means.

[Coronita]

[quote=bearishgurl][quote=sdrealtor]Again BG you dont know WTF you are talking about. They have tons of money and there is no reason to sell the house. The husband said she could have it and would have no problem keeping it. He wants her to have it and his daughter to grow up here, he just doesnt want to be married anymore. The mortage is only $1500/month and she will be getting 10 times that in spousal/child support. She isnt very fianncially savy and just asked me to check out a few things to see if what he told her was true. I did and he was being honest. She will be here for a long time…[/quote]

So, “he” is willing to have the $300K debt on his credit report while “she” (ostensibly) makes $1500 payments for the next 20 years….assuming she is ALWAYS able to collect $15K a month in support payments…without interruption…lol. Isn’t spousal support typically ordered for half the length of the marriage in CA unless the payee is legally disabled, over the age of 65 or both??

I wonder how long this “situation” will last…or if it will even come about at all?[/quote]

If they were married > 7 years, it’s much more complicated than that.

[bearishgurl]

[quote=flu]If they were married > 7 years, it’s much more complicated than that.[/quote]

You are correct, flu. Conversely, if they were married < 10 years, the lower-earning or non-earning spouse is not eligible for permanent spousal support orders in CA. This does not preclude a lump-sum settlement being made, however. http://www.divorcelawfirms.com/resources/divorce/spousal-support/california-alimony-spousal-support-laws.htm

I can't even begin to tell you how many women have approached me to prepare a disso packet or response packet for them who initially believe that they can stay living where they are, stay unemployed and no facet of their financial lives will change during and after the pendency of their divorce. Delusion is rampant in this regard.

I've seen a LOT in my day and ... amicable or not, this "happy story" doesn't make any sense here, IMO.

[bearishgurl]

To the OP, we have a LOT of those people in Chula Vista, both “truly wealthy” and “truly comfortable.” 🙂

[Myriad]

lol, day isn’t complete without another “friendly” discussion between sdr and BG.

[bearishgurl]

[quote=cjdairym]lol, day isn’t complete without another “friendly” discussion between sdr and BG.[/quote]

No worries, here, cjdairym. You Piggs can all banter with “wtf sdr” to your heart’s content this nice holiday weekend. I’m headed up to San Simeon and the Big Sur and points north, lol….:=]

[desmond]

btw, that example by sdr is certainly not about “wealth”.

[briansd1]

[quote=bearishgurl]
I’ve seen a LOT in my day and … amicable or not, this “happy story” doesn’t make any sense here, IMO.[/quote]

Not sure about sdrealtor’s neighbor, but all you have to do is visit condos in La Jolla, Del Mar, etc.. to see the divorcees who’ve moved from bigger, roomier SFRs up the hill.

Generally, when a low-earning spouse gets divorced her/his lifestyle takes a downward adjustment. That’s just a fact of life.

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