When I was married 15 years ago, I owned my own home and she moved in with me. 5 years ago we were divorced, and in the divorce papers, my e...

Question

When I was married 15 years ago, I owned my own home and she moved in with me. 5 years ago we were divorced, and in the divorce papers, my ex-wife was granted 50% of the equity I had in my house (which was $20K). I had 5 years to pay her the $20K, but the housing market crashed as you well know, and at this time I owe more on my mortgage than the house is worth, so there is no equity left in my house. Do I have any legal grounds to try and get this removed from the divorce agreement? Thank you - Tom

Answer

You will need to take the Final Judgment and Marital/Mediated Settlement Agreement to an attorney for review. The language and context of the judgment and/or Agreement will determine what rights if any you have.

If the granting of the amount was spousal support it may be modified, however if it was simply a property settlement for purposes of equitable distribution, it cannot be modified.

Meet with an attorney.

Answer

You have to pay her the 20k. Contact my office for free consultation 727-446-7659