goldentractor
Junior Member
What is the name of your state (only U.S. law)? Florida
My ex-husband and I own the house I live in now. Our divorce agreement reads exactly like this:" The Wife shall remain in the marital home for five years and have sole use and possession of the marital home. The Parties may mutually agree to place the house on the market at an agreed upon date or may mutually agree to enter into an alternate type of settlement arrangement. The Wife will be responsible for making the mortgage payments, paying the taxes and insurance on the marital home during the five years. The wife will receive credit for any principal reduction starting May 1, 2005, and will be allowed the tax deduction for the interest she pays during the five years. At the end of five years the Wife will list the house on the market at an agreed price with the Husband. After the house is sold, the parties will split the net proceeds, if any, after real estate commissions and any other sellers cost. The wife will receive her credits as listed above from the net proceeds before any disbursements to the parties."
I am the wife and the house is paid off, ready to sell. if I paid $31,000 in principal, and let's say the house sells for $80,000 ( net after realtor, etc. costs), how much does each party get--he thinks we sell the house, subtract the 30K principal I paid from the total 80K, then we each get half of what's left(= 25K each). I say, he gets his 40K MINUS the 30K principal I paid ..are either of us right?
My ex-husband and I own the house I live in now. Our divorce agreement reads exactly like this:" The Wife shall remain in the marital home for five years and have sole use and possession of the marital home. The Parties may mutually agree to place the house on the market at an agreed upon date or may mutually agree to enter into an alternate type of settlement arrangement. The Wife will be responsible for making the mortgage payments, paying the taxes and insurance on the marital home during the five years. The wife will receive credit for any principal reduction starting May 1, 2005, and will be allowed the tax deduction for the interest she pays during the five years. At the end of five years the Wife will list the house on the market at an agreed price with the Husband. After the house is sold, the parties will split the net proceeds, if any, after real estate commissions and any other sellers cost. The wife will receive her credits as listed above from the net proceeds before any disbursements to the parties."
I am the wife and the house is paid off, ready to sell. if I paid $31,000 in principal, and let's say the house sells for $80,000 ( net after realtor, etc. costs), how much does each party get--he thinks we sell the house, subtract the 30K principal I paid from the total 80K, then we each get half of what's left(= 25K each). I say, he gets his 40K MINUS the 30K principal I paid ..are either of us right?