Legal Question in Family Law in Michigan
At the time of my divorce in 2005 the marital home was valued at $385,000. Plaintiff husband shall either list the home for sale or refinance the marital in June 2008. Should property be sold, the parties shall divide the net equity received from the sale equally. Should the property be refinanced by Plaintiff, the property shall be appraised, with appraisal fees divided equally the Plaintiff shall pay 1/2 of the equity to Defendant within 30 days of closing of remortgage of the property. Plaintiff claims due to economy there is no equity in the house now that he owes Defendant nothing. How do I get my money out of the house? Or is Plaintiff correct?
1 Answer from Attorneys
Your Plaintiff could very well be correct. Plaintiff and Defendant took a risk that the economy would change in three years for whatever reason. If Defendant wanted no risk, the judgment should have been written to do sale or refinance much earlier.