Legal Question in Family Law in Massachusetts

My ex husband and I divorced ten years ago, at the time of our divorce our house was appraised at 360.000, with 160.000 in equity. Which meant 80.000 for each of us in equity. In order for my children and I to stay in the house, I refinanced and was able to give my ex husband 40,000 dollars of his share, owing him another 40,000 when our youngest daughter reaches 18. Since the divorce agreement, the real estate market has changed drastically..I owe 212,000 on the house now and the house recently appraised at 275.000. Which means there is only 63,000 in equity. Am I entitled to receive my portion of the equity or will I have to give him his remaining 40,000? Will I be entitled to anything at all? We live in Massachusetts.
Thank you.
Gina

Asked on 3/01/15, 5:28 pm

2 Answers from Attorneys

Mildred Phillips Mildred N. Phillips, Attorney at Law

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You ex-husband is entitled to his remaining share of $40,000.00. Look at this way, if you owed your ex-husband $40,000.00 and the house had gone up in value, your ex-husband would not be entitled to the increase in value. He would only be entitled to the amount he was entitled to when the divorce became final ten years ago. So, the bottom line is, he would not be penalized for the decrease in value or reap the benefits of the increase in value since divorce.

Answered on 3/01/15, 7:33 pm

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