Divorce Decree

[Yurgee]

What is the name of your state? NY

When my ex-wife and I split up we divided the bills and I ended up with the home equity loan. She resided in the house with my children and I signed the Quit Claim Deed. I took the home equity loan instead of the credit card bills that she received.

My divorce decree states that I am responsible for the home equity loan. Each month she gave me the bill and I paid it. Just recentlt she sold the house (2 1/2 years after our divorce). In doing so she had to pay off the HE loan with the profit that she received. Boy if I only knew that there was that much equity.

Now that she is settled, she has hired a lawyer to sue me for the HE loan.

Am I still responsible for the loan? Of course the loan doesn't exist any longer and that is what I am responsible for and also I didn't ask her to pay it off.

Thanks for any advice. BTW, I wouldn't not feel all that bad paying it, but she ended up with about a 17k profit, which I was part of building. Is there any recouse going back on that?

 

[annefan]

Unless her name was still on the equity loan, as of the date of payoff, you are solely responsible for it and if it was paid off out of proceeds from the home sale, she can collect that payoff back from you.

 

[Yurgee]

loan

Her name was joint on the account and was until paid. However, my divorce papers state that I am responsible for it.

If it does not exist any longer because she paid it off, how can I make the payments?

I also reaped the tax write-off benefits.

 

[stealth2]

Re: loan

Her name was joint on the account and was until paid. However, my divorce papers state that I am responsible for it.

If it does not exist any longer because she paid it off, how can I make the payments?

I also reaped the tax write-off benefits.

Oh come on! She paid it off, you don't have the excess interest, you got the tax benefits - pay her what she paid off. Otherwise, expect her to take you to court, and be awarded not only the amount she paid off but her legal fees as well. OF COURSE you're responsible for it!

 

[Yurgee]

My Point

Maybe I should explain a little more. We were married young and it lasted 13 years. Most of the money for the downpayment came from my savings as a kid. The marriage went along well and then she decided to call it quits. Now it was time for seperating and to take care of our 2 children. Now for the best part... I gave her everything, the house, furniture, and other goodies. I signed the quit claim deed and have had very few bad words in the last 2 1/2 years. The equity in the house was built by both of us. I didn't know she would sell the house shorlty after the divorce and yes I would have continued to pay the HE loan. But now that the house is sold and there was a good amount of profit (which I do not share in), I thought it would have been nice of her to just write it off. Now that lawyers will likely be involved, I am going to ask for some of the profit. And, I am going to file my QDRO. Her 401k and IRA are much better than my (because I used all of mine for the house).

Oh, I forgot to mention, I'm not a deadbeat dad and pay $233/week for child support.

 

[stealth2]

That is all beside the point. You have a court order which states you are to pay the HE loan. So you have to pay it.

 

[Yurgee]

You're right

I believe that you are going to be rght, however, I have been so nice and have fullfulled all obligations financially and regular nice things (i.e. giving the house up for the kids and ex, pay for things for the kids beyond child support, education for the children, and so on).

Since I placed a lot of my money into the house and did not have any indication that she would sell it so soon, can I receive any of the capital gains for the profit that she made? Or, when I signed the quit claim deed did I forfiet it?

I just thought it would be nice if she wrote it off.

Thanks

 

[stealth2]

Unless the decree states you get some of the proceeds - you have no rights to any of it. Zero, Zip, Nada.

Haven't you ever heard the saying "Nice guys finish last"?

 

[Yurgee]

Yup

Unfortunately. In the long run it isn't a lot of money and it is my last tie to her except the children, so if I have to pay I will and move on.

I was talking with someone today though and they suggested that I will not have to pay it in a lump sum because of how I was paying it. Each month my ex sent me the bill and I paid the fee. I was told since she set precedence that I was to make monthly payments and that I did not ask her to pay it off, that I can make the monthly payments like I was. Is this true?

 

[stealth2]

I have no idea.

 

[fried eggs]

While she may be able to take you to court for making the payments as opposed to a lump sum, I don't think a judge would find a payment plan unreasonable.

 

[Yurgee]

settlement

I talked with an attorney today and he indicated that we may be able to settle for less if she wants a lump sum. If we find that I do owe the money, we may try to settle for less.

Now she also wants to execute the QDRO that is in the settlement. She said that she didn't want it and I wasn't goign to execute mine, but for some reason she wants money now. Oh boy if I only knew. Marraige is bad, at least for me.