Legal Question in Real Estate Law in Hawaii
Can one party of a divorcing couple renig on a written agreement to sell the joi
Can one party of a divorcing couple renig on a written agreement to sell the jointly held real estate to the other party?
In medation, married couple signed an agreement (a statement along with a list of other agreements reached regarding childsupport, etc.) saying that husband will sell home at a price of $300,000, and take one half share of presumed equity ($300,000 - 172,000 [outstanding principal on mortgage] / 2 = $64,000). Equitiy to be paid as follows: $20,000 in cash, and the balance ($44,000) in a greater share of the retirement funds.
Subsequent to the agreement, the market value of the property, a principal residence, has increased significantly (perhaps $50,000). Also, subsequent to the real estate agreement, wife has asked for alimony, and a separate verbal agreement would award her a one time alimony settlement of $5,000.
Both agreements would leave the husband in a very poor financial situation for ever being able to purchase real property, as husband's debts equal the amount of cash coming to him in this scenario.
Thanks for your time!
1 Answer from Attorneys
Re: Can one party of a divorcing couple renig on a written agreement to sell the
I have many questions that I would ask in order to answer this question. For instance, is there a divorce decree yet? -- Is this an uncontested divorce? How did you arrive at mediation? Do you wish this to remain an uncontested divorce or do you wish to contest issues in the divorce? Was child support worked out using the child support guidelines? For example, it would be more appropriate that the final decree order the sale of the house at Fair Market Value and not at any set amount. If you could give me some more background and information I believe I could give you better direction. Feel free to call or email again [email protected] or 808-526-0892
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