I separated from my ex 2 years ago, we drafted a separation agreement with 2 lawyers and a mediator, where in I traded away 30% of my 50% in the marital home as compensation for spousal support.
The separation agreement stipulates that I get a "Second mortgage as guarantee for my 100K (20%)". The home was fully transferred to my ex but she has failed to provide me with that guarantee of my equity. She says she will grant me a second mortgage on the home. I don't understand this, why would I take out a 100k second mort on her home, keep it in a separate bank and pay interest on that 100K till she sells in 12 years when my youngest is 18?
The home is falling into disrepair with an unattended water leak etc. She has also borrowed against the equity in the home. I am concerned for the roof over my children's head, and the potential loss of my 20% equity if things continue along this path.
Primarily I need some input as to how the marital home is normally divided securely when both spouses maintain an interest. A sale is not an option due to disruption to the children. How does this division of the marital home normally occur?
All and any input is welcome.
Thank you in advance.
The separation agreement stipulates that I get a "Second mortgage as guarantee for my 100K (20%)". The home was fully transferred to my ex but she has failed to provide me with that guarantee of my equity. She says she will grant me a second mortgage on the home. I don't understand this, why would I take out a 100k second mort on her home, keep it in a separate bank and pay interest on that 100K till she sells in 12 years when my youngest is 18?
The home is falling into disrepair with an unattended water leak etc. She has also borrowed against the equity in the home. I am concerned for the roof over my children's head, and the potential loss of my 20% equity if things continue along this path.
Primarily I need some input as to how the marital home is normally divided securely when both spouses maintain an interest. A sale is not an option due to disruption to the children. How does this division of the marital home normally occur?
All and any input is welcome.
Thank you in advance.
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