Q: After divorce, my ex still owns a portion of the house. Now, I'm selling. Do I get all the principal I paid back?
He'll get a portion of the proceeds, but does my principal come off before that?
Sorry should have added some further details - the MSA says: For purposes of this agreement, the division of proceeds from the sale of the Marital Residence is based upon a sales price of $xx and a mortgage of $yy. The term “net proceeds” shall be defined as the money received from the sale of the residence, payment of the mortgage on the marital residence of approximately $yy, brokerage commissions, attorney’s fees related to the sale of the marital residence, real estate transfer tax stamps, and any other customary costs and fees incurred by reason of the sale of residential real estate in Chicago, Illinois.
Now yy has been greatly reduced - so would "net proceeds" be calculated still with yy or with the current mortgage.
A:
Read the divorce papers. He gets what they say he gets.
Don't forget a person living in the house and making payments is also living in the other persons home rent free.
A: If both of the YY's in your question are the same number, then you will get 100% of the principal reduction that accumulated since the divorce. Your lawyer did a good job spelling it out.
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