Changing Home Title to ex

[kmb57]

New York,
I have been divorced for 1 year, at the mediation We agreed that my ex would keep the house we had lived in with my 2 daughters, and when she sold it or when the girls became emancipated, she agreed to pay me 100k. The house has been in both our names since then. She now wants to take title of the house. She has been paying the mortgage, Utiilities, etc. Im not sure if she is getting money to pay off the mortgage or just changing the title. Is there anything I need to know before she does this? Does she have to give me any documentation, does she have to pay me off? Thanks

[seniorjudge]

Q: Is there anything I need to know before she does this?

A: Yes. Will the $100K be cash or certified funds?

[kmb57]

The decree reads...the wife shall deliver the principal sum of $100,000.

[nextwife]

Good grief, don't be a fool. If your name is on this mortgage don't agree to deed out your interest unless and until the mortgage is paid off. Either refinanced or paid in full from other funds. Else she could default, and you'd be liable and have your credit ruined. Also, an open mortgage will negatively impact YOUR credit score and borrowing ability for the duration of the loan!

[kmb57]

The house has more than 400k in equity, if she would default more than 2 payments, I could put it up for sale. I dont think it would ruin my credit, Id love for her to sell it, I just want to guard myself by her owning it out right, I do believe the divorce settlement would hold up that she has to pay me off when she sells or my kids are emancipated.

[moburkes]

Originally Posted by kmb57

The house has more than 400k in equity, if she would default more than 2 payments, I could put it up for sale. I dont think it would ruin my credit, Id love for her to sell it, I just want to guard myself by her owning it out right, I do believe the divorce settlement would hold up that she has to pay me off when she sells or my kids are emancipated.

What they are telling you is this: Don't take your name off the title until you have received the $100k. Then go ahead and do as she wishes. IF your name was not on the title, and she sold the house, and received proceeds from the house, without giving you what you are owed, then you must sue to recover your money.

Keeping your name on the title is in YOUR best interest.

[kmb57]

If I dont agree to remove my name from the title, does she have any legal resource to force me to without buying me out early?

[kmb57]

My ex claims that with my name on title, if she dies, the house profits would go to me instead of children, As part of the divorce,my attorney said she needed to take out life insurance , she refused, I look at the house as my insurance policy she never took out. She wants me off the title, if she sells the house, does the divorce act as a lien, that she has to pay me out, if she refuses, do I need to sue her for it?, or will the attorney at closing require her to pay me off as per my divorce document? If I dont oblige to removing my name from the title, can she legally force me to take my name off?

[LdiJ]

Originally Posted by kmb57

My ex claims that with my name on title, if she dies, the house profits would go to me instead of children, As part of the divorce,my attorney said she needed to take out life insurance , she refused, I look at the house as my insurance policy she never took out. She wants me off the title, if she sells the house, does the divorce act as a lien, that she has to pay me out, if she refuses, do I need to sue her for it?, or will the attorney at closing require her to pay me off as per my divorce document? If I dont oblige to removing my name from the title, can she legally force me to take my name off?

She is correct that as long as you are on the title, the house profits would go to you instead of to the children. Therefore that is a valid concern.

No, the divorce would not act as a lien. You could certainly take it back to court if she does not pay you out of the proceeds, but there wouldn't be a lien on the property. She can't force you to take your name off unless she is buying you out.

[seniorjudge]

Originally Posted by kmb57

My ex claims that with my name on title, if she dies, the house profits would go to me instead of children, As part of the divorce,my attorney said she needed to take out life insurance , she refused, I look at the house as my insurance policy she never took out. She wants me off the title, if she sells the house, does the divorce act as a lien, that she has to pay me out, if she refuses, do I need to sue her for it?, or will the attorney at closing require her to pay me off as per my divorce document? If I dont oblige to removing my name from the title, can she legally force me to take my name off?

She wants me off the title, if she sells the house, does the divorce act as a lien, that she has to pay me out, if she refuses....

You bet it is a lien!

[nextwife]

If you are off title there is STILL no guaranty that kids would inherit if she dies. What if she remarries and adds new hubby to title? If she dies, it would all go to him. Or they divorce, he'd possibly get half. Stay on title.

[kmb57]

Thanks Nextwife...great angle. Im sticking to my guns