Q: Legal rights wrt equitable division of real estate property?
Finalizing divorce. Ex is re-financing the house in her name to get mine off of it. Current agreement is that she will give me 1/2 of the current equity of the house minus 10% of the value of the house to cover closing costs and other charges
when she sells it years from now. Do I have the legal right to 1/2 the equity before the 10% gets calculated? In other words, do I have to pay for future closing costs? House apprises for $579K, 505K is owed, equity is 74K, minus 10% of value of the house brings this to 16K, so once it sells I would get 8K (vs 74/2 or 37K). Thank you for your help.
A: One she pays you your share at the time of the divorce, you have no further rights to the home. The refinance removes you from the mortgage and the title. It is hers. If she sells in the future, she gets 100% of the equity. You are only entitled to what you built up together. Once you are divorced, you are no longer building up equity together.
Marie-Yves Nadine Jean-Baptiste agrees with this answer
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