Modifying Divorce Agreement

[New Yorker321]

What is the name of your state (only U.S. law)? New York

My divorce agreement, approved by the court in 2005, before the economy sank, stated that I would give my ex a large sum of money ($400K plus 5% annual interest) in five years -- it was the difference between our primary home (which I got) and our mountain ski lodge (which he got). I had enough money in my retirement fund at the time to pay him outright....plus it was gaining 10-13% a year (I am over 55) Also I had just started selling real estate so I thought I would have substantial income. In addition we did discuss the option of my selling my house when I needed to pay him. Since then the economy has tanked, my stock portfolio has shrunk, my retirement fund is down 30%, my career never took off, and I have many lived off a home equity loan. I do not want to sell my home. Can I get this part of our divorce decree modified?What is the name of your state (only U.S. law)?

 

[mistoffolees]

What is the name of your state (only U.S. law)? New York

My divorce agreement, approved by the court in 2005, before the economy sank, stated that I would give my ex a large sum of money ($400K plus 5% annual interest) in five years -- it was the difference between our primary home (which I got) and our mountain ski lodge (which he got). I had enough money in my retirement fund at the time to pay him outright....plus it was gaining 10-13% a year (I am over 55) Also I had just started selling real estate so I thought I would have substantial income. In addition we did discuss the option of my selling my house when I needed to pay him. Since then the economy has tanked, my stock portfolio has shrunk, my retirement fund is down 30%, my career never took off, and I have many lived off a home equity loan. I do not want to sell my home. Can I get this part of our divorce decree modified?What is the name of your state (only U.S. law)?

No. You agreed to pay a certain amount and it's due. It's no different than any other debt.

If your home price had doubled, would you be offering to give the extra to your ex? Or if you had won the lottery, would you be giving your ex half of the proceeds? I didn't think so.

 

[New Yorker321]

But I made my decision based on the fact that the real estate and investment markets were showing double digit increases at that time. That was already factored in.

Are you a lawyer? I am trying to get some expert advice so I can save my home.

 

[Ohiogal]

But I made my decision based on the fact that the real estate and investment markets were showing double digit increases at that time. That was already factored in.

Are you a lawyer? I am trying to get some expert advice so I can save my home.

Misto is correct. YOU are responsible and SHOULD have paid it when you had the money. It is a debt. You owe it. Just becasue you decided NOT to pay at all that is not your ex's problem but yours.

 

[mistoffolees]

But I made my decision based on the fact that the real estate and investment markets were showing double digit increases at that time. That was already factored in.

Are you a lawyer? I am trying to get some expert advice so I can save my home.

You want expert advice? Pay an attorney for it.

If you read this board, you'll see that my advice reflects the information that has been provided time and time again in this board. Do a little research.

YOU made a choice to HOPE that the real estate and investment markets would continue growing at double digit rates. No one forced you to do that. You could have paid your ex back when you had the money, but you got greedy. Too bad.

Once again, if your home had quadrupled in value, did the agreement say you had to give the excess to your ex? If you didn't expect your ex to benefit from your unexpected gains, why would you expect her to suffer for YOUR losses?

 

[LdiJ]

What is the name of your state (only U.S. law)? New York

My divorce agreement, approved by the court in 2005, before the economy sank, stated that I would give my ex a large sum of money ($400K plus 5% annual interest) in five years -- it was the difference between our primary home (which I got) and our mountain ski lodge (which he got). I had enough money in my retirement fund at the time to pay him outright....plus it was gaining 10-13% a year (I am over 55) Also I had just started selling real estate so I thought I would have substantial income. In addition we did discuss the option of my selling my house when I needed to pay him. Since then the economy has tanked, my stock portfolio has shrunk, my retirement fund is down 30%, my career never took off, and I have many lived off a home equity loan. I do not want to sell my home. Can I get this part of our divorce decree modified?What is the name of your state (only U.S. law)?

I agree with the others. You owe him the money and you have to pay it.

You probably cannot legitimately afford your home either...not for the long term. Its most likely in your best interest to sell it, pay him off, and buy yourself something smaller and more economical.