Revisit Terms??

[NorthShoreArea]

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

I have to sell the house (as stated in divorce settlement) and pay a large lump sum to my ex (I got the house and kids until youngest was of a certain age - then have to sell). When we agreed to this the house appraised at $120,000 more than it is now appraised at - but I still have to pay him the exact and entire lump sum as well as pay off the bank - this leaves me with very little - not enough to put a down payment on a very very small home/condo. Has anyone had their divorce revisited to show that when the market fell so should the lump sum pay out?

 

[LdiJ]

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

I have to sell the house (as stated in divorce settlement) and pay a large lump sum to my ex (I got the house and kids until youngest was of a certain age - then have to sell). When we agreed to this the house appraised at $120,000 more than it is now appraised at - but I still have to pay him the exact and entire lump sum as well as pay off the bank - this leaves me with very little - not enough to put a down payment on a very very small home/condo. Has anyone had their divorce revisited to show that when the market fell so should the lump sum pay out?

I recommend getting a consult with a local attorney on this specific issue to see what, if anything, your local courts have been doing in similar situations. You are not the first person who has run into this situation in today's housing market.

I would not count on anything changing, but getting a local consult is the wise way to go.

 

[Ohiogal]

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

I have to sell the house (as stated in divorce settlement) and pay a large lump sum to my ex (I got the house and kids until youngest was of a certain age - then have to sell). When we agreed to this the house appraised at $120,000 more than it is now appraised at - but I still have to pay him the exact and entire lump sum as well as pay off the bank - this leaves me with very little - not enough to put a down payment on a very very small home/condo. Has anyone had their divorce revisited to show that when the market fell so should the lump sum pay out?

Don't count on anything changing because you have tied up your ex's credit and he has had to WAIT until his settlement for quite a while. Just because things changed, doesn't mean he is not entitled to the named amount. You got the use of the house. Why don't you refinance the house to get his payoff and continue living there?

 

[mistoffolees]

Don't count on anything changing because you have tied up your ex's credit and he has had to WAIT until his settlement for quite a while. Just because things changed, doesn't mean he is not entitled to the named amount. You got the use of the house. Why don't you refinance the house to get his payoff and continue living there?

It's too late for OP, but for the benefit of others:
This falls into the same category as people splitting their retirement accounts. I STRONGLY recommend making a clean break immediately after the divorce. If you can't afford to refinance in your own name, then serious consideration should be given to selling the house at the time of the divorce.

 

[NorthShoreArea]

I owe the bank $185 and him $190 and at best the house will sell for between $390,000-$415,000 - I have to pay commission and moving costs - at the time of the divorce it was assessed for >$550,000 which meant the bank would be paid off and then he and I would have each split the remaining proceeds but now that the market tanked I'm the only one taking the lower amount I just thought he should be "taking it" as well - thanks for the replies!! I also didn't "get the house" his three children were still in school and living in it....just sayin... his credit is no problem he bought a brand new house ....

 

[mistoffolees]

I owe the bank $185 and him $190 and at best the house will sell for between $390,000-$415,000 - I have to pay commission and moving costs - at the time of the divorce it was assessed for >$550,000 which meant the bank would be paid off and then he and I would have each split the remaining proceeds but now that the market tanked I'm the only one taking the lower amount I just thought he should be "taking it" as well - thanks for the replies!! I also didn't "get the house" his three children were still in school and living in it....just sayin... his credit is no problem he bought a brand new house ....

Tell us the exact wording of the part of the divorce decree that covers the house.

 

[nextwife]

Had you sold it at the time of the divorce, you and he would have split a gross sale of $550000. Your failure to buy him out back then cost him his share of the difference.

 

[mistoffolees]

Had you sold it at the time of the divorce, you and he would have split a gross sale of $550000. Your failure to buy him out back then cost him his share of the difference.

That would be my thought. If the Rolling Stones moved in next door and the home doubled in value, I'm sure OP wouldn't be offering to split the gains.

People need to clean up their divorce issues right after the divorce.

 

[nextwife]

That would be my thought. If the Rolling Stones moved in next door and the home doubled in value, I'm sure OP wouldn't be offering to split the gains.

People need to clean up their divorce issues right after the divorce.

Agreed. She would point to the decree and show how it says she only has to pay X dollars to her X from the closing.

 

[Ohiogal]

I owe the bank $185 and him $190 and at best the house will sell for between $390,000-$415,000 - I have to pay commission and moving costs - at the time of the divorce it was assessed for >$550,000

Then you should have sold it back then. HE doesn't have to pay for your delay.

which meant the bank would be paid off and then he and I would have each split the remaining proceeds but now that the market tanked I'm the only one taking the lower amount I just thought he should be "taking it" as well - thanks for the replies!!

WHY? You got the benefit of the home for the last however long because you were living there.

I also didn't "get the house" his three children were still in school and living in it....just sayin...

HIS three children? Or both of your three children? You also lived in the house -- which was not his to live in during that time. You DID get the house.

his credit is no problem he bought a brand new house ...

And? YOU tied up his credit for that long if he was STILL on the mortgage. You should have refinanced back when the divorce first happened.

 

[NorthShoreArea]

Yes you are right - mine and his children are school age and I and the three kids got to live there for four years while he moved in with the girlfriend he had been running around with and set up an apartment all behind my back - WOW I forgot how it was such a great thing - thanks for reminding me - he got a brand new house, a brand new car and 4 vacations per year for the last four years - yes I forgot to mention that - I got the kids and their fallout when he left and shacked up with another women - yes I kept the family together for those four years and Yes I now have to sell - all I am asking is if this has ever been revisited and what my chances are - please don't assume I'm the ass!!

 

[mistoffolees]

Yes you are right - mine and his children are school age and I and the three kids got to live there for four years while he moved in with the girlfriend he had been running around with and set up an apartment all behind my back - WOW I forgot how it was such a great thing - thanks for reminding me - he got a brand new house, a brand new car and 4 vacations per year for the last four years - yes I forgot to mention that - I got the kids and their fallout when he left and shacked up with another women - yes I kept the family together for those four years and Yes I now have to sell - all I am asking is if this has ever been revisited and what my chances are - please don't assume I'm the ass!!

You got the answer in the first response - SOME courts might consider a modification so you should talk with a local attorney who can tell you what they've been doing in your area.

HOWEVER, that's a very long shot.

If you would please answer my question (what, EXACTLY, does the decree say about the house), we could give you a more exact answer, but in general, property division is not reopened years later except in cases of blatant fraud.

One of the reasons that people are being so emphatic is that a lot of people learn from this site and use it to decide what to do with their own divorce. While it doesn't help you, it may help other people to know that they need to settle their property (and retirement fund) issues as soon as possible after the divorce. There's little to be gained - and potentially a lot to be lost - by delaying.

 

[Ohiogal]

Yes you are right - mine and his children are school age and I and the three kids got to live there for four years while he moved in with the girlfriend he had been running around with and set up an apartment all behind my back - WOW I forgot how it was such a great thing - thanks for reminding me - he got a brand new house, a brand new car and 4 vacations per year for the last four years - yes I forgot to mention that - I got the kids and their fallout when he left and shacked up with another women - yes I kept the family together for those four years and Yes I now have to sell - all I am asking is if this has ever been revisited and what my chances are - please don't assume I'm the ass!!

You just proved it. Get over your bitterness and deal with what you have agreed to do.

 

[LdiJ]

Yes you are right - mine and his children are school age and I and the three kids got to live there for four years while he moved in with the girlfriend he had been running around with and set up an apartment all behind my back - WOW I forgot how it was such a great thing - thanks for reminding me - he got a brand new house, a brand new car and 4 vacations per year for the last four years - yes I forgot to mention that - I got the kids and their fallout when he left and shacked up with another women - yes I kept the family together for those four years and Yes I now have to sell - all I am asking is if this has ever been revisited and what my chances are - please don't assume I'm the ass!!

Again, please get yourself a consult with a local attorney.