Hello everyone!
I apologise in advance as this will be quite long winded...
I have recently been separated (with separation agreement) from my wife of almost 30 years (she left me for a younger guy). The separation agreement described the division of all assets (house, contents and pension) valued from date of separation. The separation agreement stipulated two paymens from me to her (one for house and contents and the other for my pension). On the date of separation, we had the house appraised by an independent appraiser for $369,000 and as it stated in the separation agreement I paid her half of the residual value. Since then I renovated the house extensively and finally sold it for $459,000. She had signed all of the legal papers and the house was sold, but she and her lawyer have demanded the profits be put into a trust account as they want half of the sold value. I've put considerable money and time in renovating the house and did so under the good faith of the agreement. Did I screw up here? Is she really entitled to half the sold value? I believed that the division of property assets were from the date of separation and not almost a year later after all the renovations were done to which she has not offered a dime nor a minute of her time.
As I didn't realize she was going to do this, I had to take on a second loan to pay for the downpayment on another house that I had put an offer in (in good faith of course). Any idea what I can do to get that money out of the trust account and finally pay for this loan?
As an aside, she has taken the equilization of the first payout and essentially blew it. (Spent over $80,000 in five months on crap and a lifestyle she certainly wasn't accustomed to). Following which she has gotten herself fired from a job she has been at for over 16 years. Should I be responsible for this? She is now asking for more alimony. I feel like a vice has grabbed me just as I was starting a new life with a new girlfriend. Can anyone help?
Thanks so much!
NGF
I apologise in advance as this will be quite long winded...
I have recently been separated (with separation agreement) from my wife of almost 30 years (she left me for a younger guy). The separation agreement described the division of all assets (house, contents and pension) valued from date of separation. The separation agreement stipulated two paymens from me to her (one for house and contents and the other for my pension). On the date of separation, we had the house appraised by an independent appraiser for $369,000 and as it stated in the separation agreement I paid her half of the residual value. Since then I renovated the house extensively and finally sold it for $459,000. She had signed all of the legal papers and the house was sold, but she and her lawyer have demanded the profits be put into a trust account as they want half of the sold value. I've put considerable money and time in renovating the house and did so under the good faith of the agreement. Did I screw up here? Is she really entitled to half the sold value? I believed that the division of property assets were from the date of separation and not almost a year later after all the renovations were done to which she has not offered a dime nor a minute of her time.
As I didn't realize she was going to do this, I had to take on a second loan to pay for the downpayment on another house that I had put an offer in (in good faith of course). Any idea what I can do to get that money out of the trust account and finally pay for this loan?
As an aside, she has taken the equilization of the first payout and essentially blew it. (Spent over $80,000 in five months on crap and a lifestyle she certainly wasn't accustomed to). Following which she has gotten herself fired from a job she has been at for over 16 years. Should I be responsible for this? She is now asking for more alimony. I feel like a vice has grabbed me just as I was starting a new life with a new girlfriend. Can anyone help?
Thanks so much!
NGF
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