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audrewh 01-16-2021 05:25 PM

execution of separation agreement
 
Here is the case:
1. We have a matrimonial home with heloc and mortgage on it.
2. I have another condo and semi-detached house.
3. Ex has other investment

The only asset we should split is matrimonial home. Since I have sole custody of child, I will take over matrimonial home to help my child stay the same house. To be able to buy him out, I need to sell my condo and let him take over the semi-detached house at the estimated market value in Nov. 2019. The agreed settlement date is August 2020.

Due to COVID situation and I am not able to sell condo before August 2020, we agreed to postpone the settlement date to Jun 2021. Here are two questions:
1. Can I request the settlement date to be postponed again with the COVID getting worse?
2. Should those property numbers to be recalculated based on current market value and remaining mortgages?
3. Do I need legal document from lawyer?

Janus 01-17-2021 03:30 PM

Quote:

Originally Posted by audrewh (Post 244904)
Due to COVID situation and I am not able to sell condo before August 2020, we agreed to postpone the settlement date to Jun 2021. Here are two questions:
1. Can I request the settlement date to be postponed again with the COVID getting worse?

You can always request. The other side may or may not agree to the request. If the other side disagrees, you may need a judge to decide if the postponement is reasonable.

I would like to point out that anybody can sell any property, you just might not be able to sell it for the price you want. If you offer your condo at 20% below market value, it will sell within days. It is possible that it has not sold because of your unreasonable expectations with regards to price.


Quote:

2. Should those property numbers to be recalculated based on current market value and remaining mortgages?
Since you were the cause of the delay, I would imagine you do whatever is less favourable to you.


Quote:

3. Do I need legal document from lawyer?
You never need anything from a lawyer. Sometimes though it is prudent to get lawyers involved.

That said, in this case, a legal document to do what exactly?

audrewh 01-17-2021 05:48 PM

Quote:

Originally Posted by Janus (Post 244916)
You can always request. The other side may or may not agree to the request. If the other side disagrees, you may need a judge to decide if the postponement is reasonable.

I would like to point out that anybody can sell any property, you just might not be able to sell it for the price you want. If you offer your condo at 20% below market value, it will sell within days. It is possible that it has not sold because of your unreasonable expectations with regards to price.

=>The case here is we have only one matrimonial home to split 50/50. The reason for me to sell my condo is to keep matrimonial home for kid's sake. Due to COVID-19 and tenant not allowing showing, it is very hard to sell condo at ideal price. So do I have to follow separation agreement and sell it at low price?


Since you were the cause of the delay, I would imagine you do whatever is less favourable to you.

==>My ex has accepted to delay the process until the end of June 2021. Child support is calculated based on the estimation of property value, mortgage left. Can I request all those numbers get recalculated based on current market value and current mortgage?


You never need anything from a lawyer. Sometimes though it is prudent to get lawyers involved.

That said, in this case, a legal document to do what exactly?

==>I was thinking about a legal document to clarify the new settlement date and new calculated buy out price, child support to attach to the original separation agreement.

Janus 01-17-2021 09:32 PM

Quote:

Originally Posted by audrewh (Post 244919)
==>I was thinking about a legal document to clarify the new settlement date and new calculated buy out price, child support to attach to the original separation agreement.

How much of a difference will these new calculations make?

Remember, that if your ex does not agree with these numbers, you could end up in court spending tens of thousands of dollars on lawyers.

An agreement is worth a lot, even if it is not totally fair.

Is this a $200,000 difference? That is probably worth triggering a fight.
$30,000 difference? Sketchy territory.
$5,000 difference? Nope, leave it be.


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