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Category: Family Law
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Experience:  10 + years of handling Family Law, Divorce, Child Custody and Child Support cases
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I was devorced five years ago in California. One of the stipulations

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I was devorced five years ago in California. One of the stipulations was that I would owe my "wife" 1/3 of the net profits if I sold the house.
I have sold the house and had a net of $ 30.000.
However we had a private loan in both of our names, of $ 58.000.00 to buy the property.
We have since paid $ 28.000. and still owe $ 30.000.
My "ex-wife" feels that I owe her 1/3 of the $ 30.000 profit, since the person we borrowed from is "rich enough" and don't need the money.
I am retired and strictly live on soc.sec.($1428.00 per month)
My ex-wife is a RN and makes a very good salary.
Please advise what to do, since her "boy-friend" is bothering the new owners of the house.
Thank you

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem. Good morning. I certainly understand the situation and your concern. When divorcing, was the issue regarding the $58,000 loan addressed and who would assume responsibility for it? Was this debt to be incurred by both parties? Also, could you please clarify how if you owed $30,000 and sold the home, how any profit was made, since the private loan would need to be paid off?

Customer: replied 3 years ago.

No, the issue of the $ 58.000. was not discussed, as far as I remember.

The $30.000.' what came out of the sale of the house was supposed to go to pay off the loan. However I had a few other bills to pay and my friend (for 25 years) has agreed to get paid whenever possible.

I have not heard from my ex-wife except that her "boy friend" has bothered (only once) the new owners.

Paul, thank you for the additional information. First, it is important to recognize that the argument that your wife is making that these people are "rich enough", that they do not need the money, is not valid and lacks any legal merit. As such, that is not a basis for them to not be repaid, pursuant to the terms and conditions of the loan. If you do not repay them, they will sue both you and your wife, if you are both on the loan. Moreover, if this loan is directly related to the purchase and sale of the home, it needs to be paid off. If money is still owed, then the profits would not be $30,000. Typically, when a home is sold, the balance is paid off and then any surplus goes to the owners. In this case, if the loan can be equated to a mortgage, then they would have to receive and be paid out of this $30,000 profit, which you stated above, that was made. The new boyfriend is not involved in this and has no say. Only your ex wife could take action against you, if you used this money to pay of the loan, which allowed you to buy the home in the first place. As such, she would have to try and take you back to court, if you did not give her the 1/3 which she is entitled to. This is a civil matter and there should be no reason you get arrested for anything. Unless a warrant was issued for you arrest, you should be fine traveling.

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Customer: replied 3 years ago.

Thank you....I can breathe again.