Posted on: 04th Oct, 2010 09:33 am
Here is my question. My ex and I purchased a house and a lake house about 20 years ago. Now we are splitting up and his lawyer has taken the average price of both properties, reduced them by 1/3 (which he says is MY best case scenio), divided that number in half and says, "take it or leave it". The buyout is now about $100,000.00 less than it's appraised value (at today's market), because he already reduced it by the partition procedure. He says that is what the court is automatically going to do. Don't we get to try and sell it first?
By the way, my ex definitely wants to stay in that house. He runs a business (illegally) in the back yard, and wouldn't want to start over again, finding a secluded house, building another shop and moving 1000's of lbs of equipment. So, by his lawyer forcing this partition thing, he is about to make a great deal of owning my half of the house. I think the fair thing is to buy me out (at 1/2 of the average appraisals), or put it up for sale.
HELP
By the way, my ex definitely wants to stay in that house. He runs a business (illegally) in the back yard, and wouldn't want to start over again, finding a secluded house, building another shop and moving 1000's of lbs of equipment. So, by his lawyer forcing this partition thing, he is about to make a great deal of owning my half of the house. I think the fair thing is to buy me out (at 1/2 of the average appraisals), or put it up for sale.
HELP
Hi hiornsl!
Welcome to forums!
You and your ex will have to try and sell off the property first. The amount that you receive from the sale proceeds will be used to pay off the mortgage dues, if any. The rest of the amount will then be divided between both of you. I hope you have a lawyer. You should ask him to negotiate with your ex's lawyer and try to sell off the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You and your ex will have to try and sell off the property first. The amount that you receive from the sale proceeds will be used to pay off the mortgage dues, if any. The rest of the amount will then be divided between both of you. I hope you have a lawyer. You should ask him to negotiate with your ex's lawyer and try to sell off the property.
Feel free to ask if you've further queries.
Sussane
Thank you so much. His lawyer has, on more than one occasion, notified me that if I go to court, the judge will immediately drop the apprasals by 1/3, then split the difference in half. He has said that my ex is offering to give me that amount rather than go to court. But, his lawyer has assured me that this offer is my "best case scenario", and if I go to court, I will receive even less.
I do have a lawyer, but the ex refuses to negotiate.
I do have a lawyer, but the ex refuses to negotiate.
Hi hiornsl,
Your lawyer should have a word with the ex-spouse and his lawyer and try out a negotiation so that you receive your dues and he gets his dues.
Thanks
Your lawyer should have a word with the ex-spouse and his lawyer and try out a negotiation so that you receive your dues and he gets his dues.
Thanks