What to do if my divorce decree states that I must pay my ex 1/2 of the equity of our house but now there isn’t any?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if my divorce decree states that I must pay my ex 1/2 of the equity of our house but now there isn’t any?

I was divorced 7 years ago. I kept the house,with the provision to pay my ex $35,000 in equity (1/2 the equity) at the time when my youngest graduates. Well, he just graduated but now I’m underwater in my mortgage. There is no equity to split. My ex is asking for the money.

Asked on July 7, 2012 under Family Law, Minnesota

Answers:

Brad Micklin / The Micklin Law Group

Answered 9 years ago | Contributor

It depends on what your property settlement agreement states as to the date of valuation.  You will not owe him any money if the agreement states the evaluation is the date of sale which is the graduation date.  However, you may still owe the money if the valuation date is set at the date of your divorce but you were only supposed to pay it upon the graduation.

If your agreement does not state when the valuation date, you may have to file a motion to determine the intention of the proper settlement agreement.

 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption