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?
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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 11 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.
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