Legal Question in Family Law in New Jersey
I bought a house 2 years ago for $340,000. I put my wife and my name on the deed but the mortgage was being paid 50/50 by me and my mom (who is also living in the same house). My mom would transfer the money to my joint account with my wife from which I would pay the mortgage.
We divorced about 7 months ago and my ex-wife wants half of the house profits. I don�t want to go to court so I'm willing to pay her the half. I already signed an agreement specifying 50% of the profits go to her.
There is a remaining $315,000 to be paid on the mortgage, say I sell it for $400,000.
1. How will the proceeds from the sale be divided?
2. Do I minus the cost of the last 7 months before splitting the profits 50/50 since I'm no longer paying the mortgage from our joint account?
1 Answer from Attorneys
If you have already agreed to divide the proceeds 50/50, then that is how it will be divided. If you want to deduct the last 7 months payments, you will probably have a fight on your hands and will end up in court unless you can reach an agreement with your wife.
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