Legal Question in Family Law in New York

My spouse and I recently concluded our divorce, with the court giving me the opportunity to buy out his interest, so we set up a payment plan. The payment plan as it currently stands is reflecting of his interest in the property and the value of the property from the appraisal that was done for our divorce. However, my spouse is aware that the market is down right now and that I intend to do some renovations in the near future and is talking about having the property re-appraised so that he makes sure he gets more money when the market goes up, etc.

My question is: is my spouse entitled to a re-appraisal and modification of our buyout payment plan if I were to perform renovations or the market were to go up and thus the value of the house increase?


Asked on 3/20/11, 12:45 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

You would have to look at the "4 corners" of your agreement. If the agreement allows an increase in the buyout payment plan if the value of the house increases, then the answer would be yes. If the agreement is silent as to this option, instead having language concerning a price specific payment plan, then the answer would be no.

Mike.

Read more
Answered on 3/21/11, 5:49 am


Related Questions & Answers

More Family Law, Divorce, Child Custody and Adoption questions and answers in New York