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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #21 (permalink)  
Old 07-28-2016, 02:59 PM
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So your ex wants you to buy out her share of the equity as part of the equalization process, but you want to use your (future) pension for equalization instead because you are short on cash? But if she's keeping the house, why would you be buying her out? This is confusing. Can you clarify?
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Old 07-28-2016, 03:11 PM
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No it's the opposite. She want's to buy me out but I think she can't. The only way she could is if I keep my pension and I get no equity in returns from the house. Like I say, I want to split my pension right away and transfer her share so that question won't come back to haunt me in the future.

And for most, by losing access to my home (under false allegations) I started to accumulate debts when I only had a mortgage. Now to resettle, I need the equity in order to meet my obligations (arrears and CS).
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Old 07-28-2016, 03:25 PM
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Well, either she has the money to buy you out or she doesn't. If she doesn't have it, I'm not aware of anything that would oblige you to use her share of your pension in lieu of a cash buyout. So I think you can just say no. It seems simple. Or am I missing something?
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Old 07-28-2016, 03:36 PM
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That's why I am asking. She was suppose to get approved by the bank to remortgage under her own and buy me out. Instead, I think she only got approved for the remaining of the loan and now they are asking me to sign the acknowledgment and direction for draft transfer in order to have the loan transfer in her name and to remove mine. It's obvious to me that she got approved only for the balance and not for the balance and my share of the equity. I am not signing until they can prove that I'll get my share of the equity.
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Old 07-28-2016, 11:15 PM
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If I recall right, when my ex bought out my share of the house, we had an agreement that within ten days of me receiving the funds in my bank account, I would sign the papers to transfer title to him. Why don't you do the same? If she doesn't give you the money, you won't transfer title. I'm really not seeing what the problem is here.
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Old 07-28-2016, 11:46 PM
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That's where it kicks in. They want to transfer the title and then do the equalization some time later. I am saying no. Transfer the funds and I will sign to transfer the title.

From the agreement, they are saying that only my name should be removed from the mortgage and all other items would be discussed later during the equalization process. In my view, the matrimonial home issue was to be all done (transfer of tittle and funds) and then all other issues at the equalization process. What they are trying to do really is to get her to own the matrimonial home all to herself with a very small mortgage to assume and then drag the finalization of the equalization process sometime in 2-3 years from now where they will force me to keep my pension. And then, 2 years later, she will bring another motion to have a share of my pension. I can smell the evil behind all this ploy.
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Old 07-29-2016, 08:23 AM
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Don't agree to it without a dollar figure attached, and do not sign off on the house until you have the money. Sounds like she is simply trying to take over the existing mortgage with no equity to you. Don't do it.
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Old 07-30-2016, 06:27 PM
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Quote:
Originally Posted by mafia007 View Post
What they are trying to do really is to get her to own the matrimonial home all to herself with a very small mortgage to assume and then drag the finalization of the equalization process sometime in 2-3 years from now where they will force me to keep my pension. And then, 2 years later, she will bring another motion to have a share of my pension. I can smell the evil behind all this ploy.
I agree with your interpretation, and there is no need for you to sign. I think you focus too much on what the bank has told her or promised her. That is not your problem. She owes you the cash, the arrangements she has made with her bank are her business.

If she wants you to sign over the house without providing the cash, obviously that is a non-starter. I think it will go down exactly as you predict. Equalization will show that your pension is worth the house so you get no cash. A few years later she is house poor and she goes after your unequalized pension.
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Old 08-08-2016, 12:35 PM
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Received a letter from STBS's lawyer stating that I am in contempt of the Court Order for not signing the transfer of deeds. I am replying that they are in breach for not transferring the funds. Until I get my equity, I am not signing to remove my name from the matrimonial home.

When dealing with an asset with such a value, like the matrimonial home where the equity is very significant to both parties, does the Court always apply a decision that is fair to both? Will a judge say that the order is not specific enough for that type of transaction and leads to different interpretations and the contempt order should be dismissed?
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Old 08-08-2016, 01:03 PM
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Received a letter from STBS's lawyer stating that I am in contempt of the Court Order for not signing the transfer of deeds.
I'm pretty sure contempt is decided by a judge.

You can probably safely ignore that letter. If they thought you were in contempt they would bring a motion. Your ex just spent money, that's a good thing! That means she has less money to do things that could help her case and hurt you.

Quote:
When dealing with an asset with such a value, like the matrimonial home where the equity is very significant to both parties, does the Court always apply a decision that is fair to both?
Courts don't dispense fairness, they dispense justice. Contrary to popular belief, those are not the same. Justice means that the decision is consistent with the laws, which may or may not be fair.

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Will a judge say that the order is not specific enough for that type of transaction and leads to different interpretations and the contempt order should be dismissed?
huh?

Have they actually started a contempt motion? Maybe I've lost track, I didn't reread thread, but I don't remember thinking that you were actually defying a court order. She wants to buy you out, you want the cash. She wants you to sign over the house before she gives you the cash, right?

Unless you have a court order that says that you must transfer title, I'm not sure what you are in contempt of?
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