My divorce was finalized 4 1/2 yrs ago. At the time I was awarded our home with the stipulation that when I finally sold it, that if I didn't "net" $215K from the sale then my X-Husband would have to pay me the balance in $1000/mo incriments. The home has remained in both of our names but with the declining property values and my need to stay in the home longer than planned because of that, we have decided that it would be acceptable to both of us for me to refinance the home thereby removing my X's name from the title and start the $1000/month payment to me. We also had the house appraised and based on the appraisal we have agreed that after giving him credit for what would have been realtor fees and any other repairs, ect that the amount he will owe me is $185K. Is there anyway to write this up and have it added to our now finalized divorce as an addendum so that the lender I am working with can see that it is a legal agreement and part of the divorce?
1 Answer from Attorneys
It is certainly possible to get this written up as a binding agreement. Whether you can get it made part of the record in the divorce depends on the exact wording of the final divorce judgment. My guess is that with a provision such as you describe, the final divorce judgment contains a continuing jurisdiction provision. If so, you can make the agreement a part of the divorce as a stipulated modification and satisfaction of the judgment. It should cost little to have one of us Family Law attorneys help you draft up an agreement, a little more but not too much even if they have to prepare court filings for you. If you're sophisticated enough in Family Court you might be able to do this yourself, but it's probably worth spending the cost of a few billable hours to make sure this is done right.