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  • Can a final divorce agreement be modified?

    This question is for those who know a thing or two about property settlements:

    We obtained our divorce last year. Everything was divided up and our house was put on the market at a fair price after a being evaluated by a professional home inspector. Problem is the house has not sold yet so now the Ex is threatening to go back to court to get the asking price modified.

    We both signed a contract stipulating our bottom-line amount. Is there any way that he could get a judge to force the sale below our agreed upon minimum amount?

    Furthermore, as per our agreement, once the house is sold my spousal support stops, so I have no intention of letting the house go at a reduced price - I would lose a lot of $ and he would gain the end of alimony.

    Doesn't seem fair to me? Does he stand a chance at getting a judge to modify a final agreement - there's been no substantial change of circumstances aside from the fact that the house hasn't sold yet?

  • #2
    If the house has not sold at the bottom-line amount and been on the market for several months, it is likely over-priced for the market. Respectfully, I think probably the price does need to be reduced, depending upon how long it has actually been on the market. If the market is not there, it is not there, and neither of you will get the bottom line price, leaving your equity and ability to move forward stalled too.

    Comment


    • #3
      Originally posted by PeacefulMoments View Post
      If the house has not sold at the bottom-line amount and been on the market for several months, it is likely over-priced for the market. Respectfully, I think probably the price does need to be reduced, depending upon how long it has actually been on the market. If the market is not there, it is not there, and neither of you will get the bottom line price, leaving your equity and ability to move forward stalled too.
      I agree. Was the evaluation based on what people with comparable houses were asking or was it based on what they were selling for?

      Time to reduce the price and move on.

      Comment


      • #4
        Youre losing money while its sitting there non? Why keep something thats losing money?

        Could you change the agreement that ss continues for an additional six months?

        You knew ss was going to end on the sale of the house, this seems unfair to try to drag it out...

        Comment


        • #5
          Could you negotiate a compromise? You agree to drop the selling price x thousand dollars (what he wants); in exchange, he agrees to continue SS for another x months (what you want)? I'm inclined to think that the longer you hang onto a house that isn't selling, the more problems are going to arise.

          Comment


          • #6
            Originally posted by stripes View Post
            Could you negotiate a compromise? You agree to drop the selling price x thousand dollars (what he wants); in exchange, he agrees to continue SS for another x months (what you want)? I'm inclined to think that the longer you hang onto a house that isn't selling, the more problems are going to arise.
            The thing is, he is aggravated at having to pay SS and is not the negotiating type (his way or the highway).

            The house is paid for and I'm living in it, paying for all the maintenance, taxes, insurance and I'm in no hurry for it to sell - if it does great, if not just as happy either way.

            His share of equity is an uneven split 30% for him and 70% for moi, so I have offered to buy him out and he refused - he's just being pig-headed about the whole thing.

            I really don't want to go back to court and re-negotiate with him ... It took almost 3 years to hammer out an agreement and to go back and start all over again ......... when will it end?

            Comment


            • #7
              Make another offer to buy him out, lower than your last offer and let him counter with an offer that you can live with. Eventually he'll figure out that he's only biting himself in the ass by not agreeing. It makes no sense to lower the price when you're offering to buy it out at a fair value.

              Or have an agent put in an anonymous offer on your behalf?

              Comment


              • #8
                You are in Quebec? Not sure you'll receive any solid advice here.

                in Ontario in most situations, a material change of circumstances needs to occur - and the definition of that material change would likely be spelled out in your final agreement. He couldn't re-open the financials on the settlement of the mat home, without also opening the financials on ss.

                In any event, it is his move to make - let him start a motion and see his actual proposal - it would have to involve some sort of compensation to you for the sale of the mat home for lesser consideration.
                Start a discussion, not a fire. Post with kindness.

                Comment


                • #9
                  Originally posted by mcdreamy View Post
                  You are in Quebec? Not sure you'll receive any solid advice here.

                  in Ontario in most situations, a material change of circumstances needs to occur - and the definition of that material change would likely be spelled out in your final agreement. He couldn't re-open the financials on the settlement of the mat home, without also opening the financials on ss.

                  In any event, it is his move to make - let him start a motion and see his actual proposal - it would have to involve some sort of compensation to you for the sale of the mat home for lesser consideration.
                  Yes I'm in Quebec and I feel the same way that you do - how could the financials be re-negotiated on the listing price only? I mean we both agreed on a 'package-deal' if you will.

                  He wants to have his cake and eat it too. For me to agree to his demands, we would have to go over the entire thing: listing price, SS, pensions etc. Otherwise how could it be equitable?

                  There's been no change of circumstance (aside from the Ex running out of patience).

                  Comment


                  • #10
                    Make a formal offer to purchase the home for the bottom line price you agreed to through a third party agent. If you own 70% of the equity in the home you can get a mortgage quite easily for the 30% owed to the other party. Go in as a traditional buyer for the property with an agent. Unless your agreement/order prevents you from doing this.

                    If the house is listed for sale you can buy it. In the alternative you can simply form a third party buying agreement where they transfer the title to you after purchase. There are a lot of easy ways to purchase the home.

                    Talk to a real estate lawyer though. They will know how to do it. With that much equity in the property you have a lot of options. I truly don't see what the issue is if you want to buy the home. Buy it at market value like anyone else would under normal circumstances.

                    There are ways to shadow the flip of the home to you.

                    Good Luck!
                    Tayken

                    Comment


                    • #11
                      Originally posted by Tayken View Post
                      I truly don't see what the issue is if you want to buy the home.
                      She gets spousal support until she sells the home. The home must sell for more than it is worth or she gets to veto its sale.

                      She doesn't want to sell the home

                      Her ex is stuck paying spousal until the value of the home rises above the minimum value set in the separation agreement. Given the current housing situation, that could potentially take a while. Ka-ching!

                      Comment


                      • #12
                        If he really wanted to sell and stop paying SS, he would have sold her the home ages ago instead of cutting off his nose to spite his face.

                        Comment


                        • #13
                          Originally posted by blinkandimgone View Post
                          If he really wanted to sell and stop paying SS, he would have sold her the home ages ago instead of cutting off his nose to spite his face.
                          LMAO! Blink have you met my Ex? You are 100% correct about his intentions. During the almost 3 years of negotiations he hired and fired 3 lawyers - the 4th actually quit on him and one mediator walked out of the office having had enough of his screaming and indecision.

                          I can't recall how many times that we had a proper settlement all ready to be signed and stamped - then at the last minute the Ex starts wanting to re-discuss the whole thing having changed his mind for the "umpteenth" time!

                          Anyways, I contacted my R/E agent and she claims that Ex would be wasting his time in court since we have a binding contract with her with a set price for another 6 months. So my problem is solved at least for now.

                          Thank you all for your input.

                          Comment


                          • #14
                            If you had the home evaluated by a professional inspector and you both agreed on the selling price, I don't see where the problem lies. Markets go up, markets go down - you got neutral professional advice, and it's unfortunate that the market didn't behave in the way he anticipated.

                            What would happen if you got a mortgage for 30% of the current market value of the house (less than the amount in the separation agreement) and offered it to him as a sort of pay-to-go-away? Maybe with a couple of extra months of SS thrown in? Then he could take his money and leave, and you could sell the house for a price that you're satisfied with, even if that meant waiting a few more months for the market to pick up?

                            I'm guessing that your ex is in a cash-flow crunch which is precipitating his desire to sell the place quickly (if you're paying all the operating costs, the house isn't actually costing him anything, but he probably sees it as a big piggy bank). He might be willing to be bought out at a discount in order to get a little $$ now, rather than a lot of $$ later.

                            Comment


                            • #15
                              Originally posted by stripes View Post

                              I'm guessing that your ex is in a cash-flow crunch which is precipitating his desire to sell the place quickly (if you're paying all the operating costs, the house isn't actually costing him anything, but he probably sees it as a big piggy bank). He might be willing to be bought out at a discount in order to get a little $$ now, rather than a lot of $$ later.
                              You guessed right. He pays off credit cards with other credit cards and I'm certain that he owes quite a bit to his lawyers. As a couple, I was the frugal one who kept us out of debt.

                              Before the house went on the market I had offered to buy out his share - he would have done well to accept back then. As things are now he won't get as much since I've put a lot into the place, so his % has whittled away.

                              As suggested above, I'll wait and see what he does and when he's ready to act logically, I'll make him another offer. If he truly wants to put an end to the SS he'll have to do his math and cut his losses same as me.

                              Some of you may disagree, but nobody gets rich by divorcing!
                              (Ka-ching my A$$)

                              Comment

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