Joint home ownership with an ex
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Joint home ownership with an ex
I am still on the title with my ex husband for
our home. In the divorce we agreed that he
could buy me out of the home and make payments.
I now need the money for future investments,
can I ask for payment in full or ask him to
take out a loan? How legally binding is our
agreement for payments?
Asked on October 30, 2017 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
The agreement is completely legally binding, if it was entered into to resolve (or as part of resolving) your divorce. You may, of course, "ask" him to accelerate the buy-out, but he is under no legal obligaton to do so; the fact that you may need to the money does not require him to do more than had been ageed to. All you can do is try to negotiate a mutually beneficial agreement: e.g. perhaps he'll agree to buy you out sooner if you agreed to waive or give up some of what you'd otherwise be entitled to. (Example: your share of the home is worth $200k; maybe he will buy you out sooner if you agree to take $150k or $160k as payment in full.)
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