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Old 11-20-2008, 10:05 AM
dad6041 dad6041 is offline
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Default Equalization Payment

My ex and are still in the final stages of our separation agreement (final stages... been saying that for way tooo long lol).

Any how, one of the things we want to change at my request is the settling of the equalization payment. Most of this money is coming from the equity of the house and I am, for now, am keeping the house. What I wanted to do is pay her approximately 40% of the total equalization payment (of which I'd be securing through personal loans) at the time of separation and pay her the remainder in a years time or when I sell the house, which ever comes first (at 3% interest). The reason I want to do it this way is because ultimately I am not sure if I want or am able to keep the house based on my budget (things will be tight) and that I am in a relationship and we have been discussing moving in to her house. I don't want to refinance, pay penalities and have to pay them again (more the second time) if and when I sell the house. She has agreed to this.

Our mediator doesn't seem to like this idea and recommends that we settle all at once. She has not really explained her reasoning. From my understanding, I can take up to 10 years legally to pay the equalization payment.

Can anyone shed some light?

Regards,

dad6041