How Would You Interpret This Home Equity Language In A Divorce Decree?
Location: Oklahoma
Divorced about two years ago. My ex was awarded the marital home and the mortgage.
Our decree specifically states that the equity in the house is $100,000 and that I am entitled to $50,000 of that, less deferred child support.
It gave her 48 months to assume/refinance the mortgage and pay me the $50,000 less the deferred support. If she couldn’t do that, the decree says the house is to be sold and I’m to be paid my portion of the equity, less the deferred support.
She’s now planning to sell before the 48 months are up.
Her interpretation is that if the house doesn’t net $100k, whatever equity is actually left after the mortgage, selling costs and repairs gets divided 50/50.
My interpretation is that the decree established my portion at $50,000 rather than giving me 50% of whatever the house eventually nets.
For example, if the house only nets $60,000 when it’s sold, does that mean we each get $30,000, or would I still be entitled to the $50,000 specified in the decree, minus the deferred child support?
One other detail: she’s talking about deducting things like new carpet and painting before determining the equity. Those were already known to be needed when we divorced and when the $100k equity figure was established.
I’m going to have an attorney review it before the house sells, but I’m curious if anyone here has dealt with similar language in their decree.
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