What is the name of your state? Florida
Please advise on the following scenario...
My husband, as part of his marital settlement agreement in divorce from former wife, stipulated that if the house they jointly owned was sold, proceeds would be split among three minor children in a trust he would be in control of, the ex wife was ordered to release her interest in the house and subsequently signed a quit claim deed to my husband. (She had abandoned the home and the family several months prior to the divorce) After my husband and I married, we refinanced the house with a new lender and the house was retitled to both of us jointly. Now we wish to sell the house and move, using any proceeds to purchase a new home. The ex wife has come out of the woodworks advising us she will fight us to force us to put any proceeds into the trust originally agreed to in the divorce. Question is this: When we refinanced the house and retitled with another quit claim from my husband to my husband and myself, paying off the original loan and using another lender, does that constitute a sale of the property? In other words, could that be construed as the property was sold (by my husband) and purchased (by my husband and myself) with no net proceeds in that transaction? I think if that is the case, then the stipulation in his divorce only applied to that transaction and would not apply to us in a subsequent sale as we are new ownership.... Please anyone advise!!!
Please advise on the following scenario...
My husband, as part of his marital settlement agreement in divorce from former wife, stipulated that if the house they jointly owned was sold, proceeds would be split among three minor children in a trust he would be in control of, the ex wife was ordered to release her interest in the house and subsequently signed a quit claim deed to my husband. (She had abandoned the home and the family several months prior to the divorce) After my husband and I married, we refinanced the house with a new lender and the house was retitled to both of us jointly. Now we wish to sell the house and move, using any proceeds to purchase a new home. The ex wife has come out of the woodworks advising us she will fight us to force us to put any proceeds into the trust originally agreed to in the divorce. Question is this: When we refinanced the house and retitled with another quit claim from my husband to my husband and myself, paying off the original loan and using another lender, does that constitute a sale of the property? In other words, could that be construed as the property was sold (by my husband) and purchased (by my husband and myself) with no net proceeds in that transaction? I think if that is the case, then the stipulation in his divorce only applied to that transaction and would not apply to us in a subsequent sale as we are new ownership.... Please anyone advise!!!