Q: Divorced 10 yrs ago. Both names on the deed. Selling the house. Do we split current or prev market value
Assumed market value 10 years ago, but not specified in agreement.
A: Unless your Divorce Judgment states something to the contrary, it will be passed on the fair market value of the house at the time of sale. With modern technology, you can be represented by any high-quality attorney in New Jersey irrespective of geography.
A: The question focuses on the language of the agreement and the discussions/agreement in place when you signed the document. If the intent was to share equally the current value of the home and the current mortgage balance vs whether the intent was to share the then existing value / then existing mortgage balance - Does your former spouse think it was the prior value / original mortgage balance? Even if the agreement is silent as to the valuation, im sure that there was information shared at the time as to the terms being discussed.
A: Thank you for the question. If you are selling the former marital home, you should look to the terms of your final settlement agreement or order of the court from the time of the divorce to determine how the net proceeds are divided. If you do not have a formal court order addressing this issue specifically, then this matter will need to be addressed prior to distribution of the net proceeds at the time of sale. I suggest scheduling a meeting with an attorney to address the appropriate way to divide the net proceeds from the sale of the home as there are multiple considerations. You want to be sure you are receiving the appropriate amount at the time of sale. I strongly encourage you to address this matter proactively as you do not want to wait until the time of closing as this can create various issues.
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