Legal Question in Family Law in Illinois
My ex husband and I were divorced after 25 years. Was an amicable divorce. The house we owned at the time was valued at 300000 with a mortgage of 230000. He retained possession of the house. The divorce decree States he has 5 years to refinance and pay my share of the equity or we could choose to sell it. He chose to keep the house he recently refinanced but the appraisal was only 170000. My question,is my share of the equity based on the 300000 when the divorce was final or do I just lose that money because the prices have dropped?
1 Answer from Attorneys
It depends on what your judgment says. It could provide you get a specific amount, or it could say you get 1/2 of the equity at the tine of the refi, or it could say something else. The judgment controls and is non modifiable. And why did it plummet so much - was it his failure to keep the house up. So you may have an argument.
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