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WALLSTREETESQ
WALLSTREETESQ, Lawyer
Category: Family Law
Satisfied Customers: 17080
Experience:  10 years experience, AFL-CIO UNION PLUS, UFT LAWYER FOR FAMILY, IMMIGRATION AND CRIMINAL LAW
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At mediation an arbitrary value was placed on the house (106,000)

Resolved Question:

At mediation an arbitrary value was placed on the house (106,000) All assets have been divided except the house. Based on the value at mediation spouse received $95,000 liquid assets. I received $52,000 liquid assets. The mediation agreement was that I pay an additional $30,000 from the value of the house. I intended to acquire a loan on the house(which is owned free and clear) and they required an assessment be made before a loan could be initiated. I was taken back to find out the property is now worth(because of this housing market) $80,000. As you can see the former agreement left her with $95,000 plus $30,000 or $125,000. It left me with $52,000 plus remaining equity in the house of $76,000 or $128,000 a fairly equitable split. But now the value of the house is $26,000 less than we thought. She hasn't received the $30,000 from me yet. Can I get rekief from this situation?
Submitted: 6 years ago.
Category: Family Law
Expert:  WALLSTREETESQ replied 6 years ago.

If the settlement was Court ordered you can file a petiton to modify the agreement, it was smart for you not to pay the $30,000 and you would be able to change the amount owed to her for the depreciated value.

Expert:  WALLSTREETESQ replied 6 years ago.

You should get an appraisal of the home, and state that the settlement is not fair due to the current housing market and it would be a financial hardship for you to pay her the agreed upon $30,000. Also, add that circumstances have significantly changed since the order was made.

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