Post-Divorce Property

[supermom07]

What is the name of your state? Georgia
I have been divorced for two years. I was allowed to have temporary rights to the house we shared for two years. Long story short, I am about to refinance the property into my own name. My decree states that if I do that I need to pay my ex 1/2 of the property's appraised value. I am thinking that this means that by refinancing, I am taking over his half of the mortgage and thereby by "paying" him 1/2 of the property's value by paying off his half of the mortgage. There is no equity in the property. Thanks for your help.

 

[LdiJ]

What is the name of your state? Georgia
I have been divorced for two years. I was allowed to have temporary rights to the house we shared for two years. Long story short, I am about to refinance the property into my own name. My decree states that if I do that I need to pay my ex 1/2 of the property's appraised value. I am thinking that this means that by refinancing, I am taking over his half of the mortgage and thereby by "paying" him 1/2 of the property's value by paying off his half of the mortgage. There is no equity in the property. Thanks for your help.

I sincerely hope that your decree is NOT worded that way. Because if it is, you could have a serious problem.

 

[Zephyr]

What is the name of your state? Georgia
I have been divorced for two years. I was allowed to have temporary rights to the house we shared for two years. Long story short, I am about to refinance the property into my own name. My decree states that if I do that I need to pay my ex 1/2 of the property's appraised value. I am thinking that this means that by refinancing, I am taking over his half of the mortgage and thereby by "paying" him 1/2 of the property's value by paying off his half of the mortgage. There is no equity in the property. Thanks for your help.

recheck that specific wording with your order and update please

 

[supermom07]

The paragraph addressing the house ends by stating " If during that time Wife is able to refinance the home and remove Husband's name from the mortgage thereon, provided she pays him one-half of the appraised value of said home." There is no way that I can do that!

 

[Zephyr]

and you are positive it says appraised value rather than equity?


there's nothing anywhere about equity?

 

[Silverplum]

The paragraph addressing the house ends by stating " If during that time Wife is able to refinance the home and remove Husband's name from the mortgage thereon, provided she pays him one-half of the appraised value of said home." There is no way that I can do that!

Well, that's the agreement you signed. But hey, at least you got the house!

 

[tranquility]

If you relieve a person of a liability, aren't you paying them the amount of liability relieved?

Assets = Liabilities + Owner's equity

 

[Zephyr]

If you relieve a person of a liability, aren't you paying them the amount of liability relieved?

Assets = Liabilities + Owner's equity

most court orders are specific enough to include the word EQUITY for a reason

 

[supermom07]

No, there is nothing about equity mentioned. Although by reading the sentence out loud, it does seem like it is unfinished.

 

[Silverplum]

No, there is nothing about equity mentioned. Although by reading the sentence out loud, it does seem like it is unfinished.

DID you have an attorney?

It's STILL the agreement you signed.

 

[supermom07]

Yes, I have an attorney and have been calling the law office all afternoon. I could put the house up for sale (again) but the remaining mortgage is higher than the value of the property and the real estate market has tanked here in GA. I can only hope to sell, or have the decree ammended or possibly get my Ex to agree to the refinance. I think he would agree that I am doing him a favor by taking care of his half of this debt.

 

[Silverplum]

No, I meant, did you have an attorney at the time you signed this (horrid) document??

 

[supermom07]

Yes, it was prepared by one. But as far as the document, it is not too bad. I got everything I wanted, just didn't proofread this paragraph very well.

 

[Silverplum]

Yes, it was prepared by one. But as far as the document, it is not too bad. I got everything I wanted, just didn't proofread this paragraph very well.

Well, I don't know what to tell you. Personally? I'd go kick my attorney's ass for this horrible error, and then spit on him/her, then pour mustard on him/her, and then see if I could file something with the local bar association.

 

[Zephyr]

and not sell the house until ex died