I am having to sell my house because of Divorce, someone told me if the price of the sale is greater than that value of the day that the partner left the matrimonial home, and that they have not contributed to the mortgage payments ect, that they are only entitled to half of the equity from the previous day. I this true?
2007-07-17 02:00:26 · 2 answers · asked by John m 1 in Business & Finance ➔ Renting & Real Estate
Buying out an ex. works just fine ... right up to the point when they decide they want more .... they go back to the Courts and claim they got bad advice .. Judge looks at how the property has gone up over the years and gives them a "second bite" ..
Take it from me .. sell the house .. settle up ... and DON'T leave a forwarding address ..
2007-07-18 11:09:25 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
I think your divorce lawyer could work this one out for you.I would say you have a good chance that this could be the case.Have you thought of re-mortgaging and paying your ex out? Calculated on what the home was worth when they left,deducting the outstanding debt on it and dividing the equity is how you come up with the offer,then see if you can afford to re-mortgage in your name to afford it.Then get a room rented out to pay the extra mortgage(no tax to pay on the room rental scheme).Good luck.
2007-07-17 09:08:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋