property division after final divorce

[htofu]

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

The final decree set the amout of x-spouse will receive after selling the house is X #, that is based on the time of divorce appraisal value. Now, in the current market value, it is way lower than 30-40 grands. Can I go to the court to modify the X # that the x-spouse will have the access based on the current appraisal? and it didn't mention about who gonna pay for realtor fee 6% and title transfer 2%. Coud I fight for it too? it is about 4 months after divorce.

thanks,

Htofu

 

[Zigner]

Your ex is entitled to what is shown on the decree. If the house doesn't sell for enough, you'll need to make up the difference out of your own pocket.

 

[LdiJ]

Your ex is entitled to what is shown on the decree. If the house doesn't sell for enough, you'll need to make up the difference out of your own pocket.

I am not 100% certain that this is something that could not be modified if the house truly sells for fair market value. I would recommend consulting a local attorney for more information on the prevailing norms in your area.

However, if it cannot, then for the sake of others reading this thread, I think its important that people word their property agreements so that if the market drops for any given asset, that the amount that each party is to receive drops at a proportional rate.

 

[tuffbrk]

Review the actual wording of your decree. Does it state a flat number referencing the home sale? Does it mention carrying costs, sellers costs, etc.? Did both of you have to agree upon the asking price or do you have full authority?

 

[Zigner]

I am not 100% certain that this is something that could not be modified if the house truly sells for fair market value. I would recommend consulting a local attorney for more information on the prevailing norms in your area.

However, if it cannot, then for the sake of others reading this thread, I think its important that people word their property agreements so that if the market drops for any given asset, that the amount that each party is to receive drops at a proportional rate.

The amount of money that the other party was to receive from this asset was included in the entire property division calculation.

 

[htofu]

Review the actual wording of your decree. Does it state a flat number referencing the home sale? Does it mention carrying costs, sellers costs, etc.? Did both of you have to agree upon the asking price or do you have full authority?

Actually, my X is stick on the decree with the amount Judge decided. Decree said I should give my X first the X # of money and I will get next # of $. The rest of # of equity if over then split in half. I was stupid didn't realize that Judge didn't subtract the cost of fee and such. Now, I am the one who pays for home mortgage and utility bills. My question is if I go to court to modify to pay the same percentage from decree but based on the current market value, do I have any chance to win the case?
If I don't go to the court, then I will pay my x the amount of money, fee etc, I won't have anything left. That is the odd!!!

Now, we don't agree on the saling price, and my X wants to get the money from decree. My x said if we dont agree then she will go to court to ask the judge pointing out a master to sale our house.

 

[mistoffolees]

Actually, my X is stick on the decree with the amount Judge decided. Decree said I should give my X first the X # of money and I will get next # of $. The rest of # of equity if over then split in half.

Sounds like something else was traded off against this cash. Which means it will be difficult to get it changed without reopening the entire property division (which you almost certainly can't do).

I was stupid didn't realize that Judge didn't subtract the cost of fee and such.

I don't think that's correct. You'll need to provide the exact wording of the order, but normally, 'equity' would be the amount left over after paying off the mortgage AND paying all selling costs. So subtract all the selling costs first.

Now, I am the one who pays for home mortgage and utility bills.

Are you the one living there? If so, that's only fair.

My question is if I go to court to modify to pay the same percentage from decree but based on the current market value, do I have any chance to win the case?
If I don't go to the court, then I will pay my x the amount of money, fee etc, I won't have anything left. That is the odd!!!

I agree with Zig. You're unlikely to get the order changed unless there are extenuating circumstances. For example, if you had a higher offer before the housing slump and ex refused to sign, then you might have a case. If the court order was any time in the last year or so (after the housing market had already crashed), it is unlikely that you will get a change. When was the court order?

Now, we don't agree on the saling price, and my X wants to get the money from decree. My x said if we dont agree then she will go to court to ask the judge pointing out a master to sale our house.

And that's entirely her right.

I would talk with a local realtor. The selling price will be determined by the local market - and may be lower than you (or your ex) think.

 

[LdiJ]

The amount of money that the other party was to receive from this asset was included in the entire property division calculation.

I am sure that it was, however if the FMV of the house is lower than what was counted in the entire property division calculation, then that effects both parties...because the entire amount of the property to be divided would be lower.

Example:

House 200k
401ks total 200k
other assets 50k

Total 450k Half of that is 225k

If the house sells for 150k, then the total assets are now 400k. Half of that is 200k.

It is not equitable for only one party to get the short end of the stick in that scenario.

 

[htofu]

I am sure that it was, however if the FMV of the house is lower than what was counted in the entire property division calculation, then that effects both parties...because the entire amount of the property to be divided would be lower.

Example:

House 200k
401ks total 200k
other assets 50k

Total 450k Half of that is 125k

If the house sells for 150k, then the total assets are now 400k. Half of that is 100k.

It is not equitable for only one party to get the short end of the stick in that scenario.

Thanks you all.
I did calculate, Judge gave out the number based on the equity that only subtracted the mortgage loan, and it didn't carry cost for realtor fee or else.
the odd is you can't argue with the Judge when he said during the court.

for ex: appraisal = 200,000
mortgage loan = 100,000
equity = 100,000

my x will get 60,000 and I will get 40,000.
If anything over than 100,000 in equity, then split in half for both parties.
and it stated by the real # on the decree.

Now, my X is already moved out, I will get the access of the house after this month, based on decree. But I am paying the mortgage for 2 years and now utility since she moved out to new house. I left the house 2 years ago when filing for divorce.

 

[LdiJ]

Thanks you all.
I did calculate, Judge gave out the number based on the equity that only subtracted the mortgage loan, and it didn't carry cost for realtor fee or else.
the odd is you can't argue with the Judge when he said during the court.

for ex: appraisal = 200,000
mortgage loan = 100,000
equity = 100,000

my x will get 60,000 and I will get 40,000.
If anything over than 100,000 in equity, then split in half for both parties.
and it stated by the real # on the decree.

Now, my X is already moved out, I will get the access of the house after this month, based on decree. But I am paying the mortgage for 2 years and now utility since she moved out to new house. I left the house 2 years ago when filing for divorce.

Again, you can try to get it modified but you could have to recalculate everything to make sure that what you asked for followed the original split of assets.

 

[htofu]

Again, you can try to get it modified but you could have to recalculate everything to make sure that what you asked for followed the original split of assets.

and my final divorce is ~ 4 months ago.

 

[mistoffolees]

Thanks you all.
I did calculate, Judge gave out the number based on the equity that only subtracted the mortgage loan, and it didn't carry cost for realtor fee or else.
the odd is you can't argue with the Judge when he said during the court.

You should have argued that at the time. Once there's a final decree, "Oops, I forgot to consider something" is not an argument that a judge is likely to care about.

 

[htofu]

You should have argued that at the time. Once there's a final decree, "Oops, I forgot to consider something" is not an argument that a judge is likely to care about.

Oh yeah! we did ask the Judge and he yelled back at us to shut up, no question!

May I ask you guys an another question?
If I take over the house, the market will be good if it can be sold later?
My X just informed me she would drag me to the court for holding house too long and not for sale

 

[ecmst12]

What does your ORDER say about the sale?

 

[htofu]

What does your ORDER say about the sale?

thanks for helping me with this.
My ORDER said my x-wife will get X$ first and I will get Y$ next. If house is sold over then the equity then split in half.
As I said, the Judge gave out the Equity without considering of the realtor and costing fee when selling the house.

Now, the market is low, and the house will be sold less than the number of equity that the Judge gave out.
My X said I need to pay based on decree no matter my house is sold. In that case, I will get nothing
If we don't agree on the saling price of the house, then the court can decide somebody to sell for us.
My X already told realtor that selling the house with any price no matter since she will get X amount of money from decree.