Divorce Settlement- "Equalization Payment"

[Deja_vu2000]

What is the name of your state?Missouri

I finally became divorce! In my decree it states that I have to pay my exhusband 20K to equalize the division of property. (House was mine before marriage). However, it does not state how long I have to pay it to him. Can I make payments to him on a monthly basis? Will this keep me out of being in "contempt" of court? I would like to pay him over a 5 yr period. I do not have to refinance my house because his name is not on the Deed of Trust, so that is not an issue.

Thanks!

 

[seniorjudge]

You have a very poorly-written judgment in your lawsuit.

You need to ask your lawyer to ask the court for a clarification on that point.

The judgment will be a lien on your real estate (and any real estate you buy later) until it is paid off, so it would behoove you to get it paid off asap.

 

[LdiJ]

You have a very poorly-written judgment in your lawsuit.

You need to ask your lawyer to ask the court for a clarification on that point.

The judgment will be a lien on your real estate (and any real estate you buy later) until it is paid off, so it would behoove you to get it paid off asap.

In addition...interest could even get written into the order if you don't pay it fairly rapidly.

In all honestly, with interest rates as low as they are today...it would really be in your best interest to do a refi to get the money to pay him off right away if you have enough equity to do so. At 6% that would add about 168.00 a month to your mortgage at 15 years, or 120.00 at 30 years. You can always pay extra on your mortgage to build your principal back up more quickly if you have extra.

Plus...the interest is tax deductible...Even a home equity loan might be the wiser way to go.