My recent divorce decree states that we will sell the house and split the proceeds. The economy is bad, the house wasn't selling. She wanted out, so we agreed I'd stay and re-fi so her name could be off the mortgage, which we did. The house and mortgage is now only in my name. We had a verbal agreement that this was ok and that I'd give her $5,000. Before I give her any money, I need to know if she could come back later on, if and when I decide to sell the house, and ask for half of the proceeds.
2 Answers from Attorneys
At a minimum, you need a written agreement, legally drafted and executed, with your ex-spouse that the action you have taken satisfies the requirements of the court order with regard to this property/asset. You should also request that the court modify the divorce decree and modify its order in accord with your agreement, which would be submitted to the court with your motion. You should be sure that she has legal counsel in doing the above, otherwise you may be subject to a claim later that you did not perform your duties under the divorce decree.
You also want her to quitclaim in her interest in the property; otherwise she remains an owner without any obligation to pay the note. You should have had counsel beforehand, rather than now need to have counsel to rectify a potentially costly mistake.
Lance Davidson, 480-860-9390, www.cleverlegal.com
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