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Our marital home is in the name of the Petitioner and her mother, The respondent is on the deed. We have agreed that the home will not be sold. The petitioner would like to offer the respondent an amount equal to the sales price less any debt on the property divided by 3 when and if the property is ultimately sold or inherited. The petitioner is willing to retain all outstanding debt on the property in return for this provision. Please advise.
Submitted: 4 months ago.Category: Family Law
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Answered in 3 minutes by:
12/5/2017
Family Lawyer: Barrister, Lawyer replied 4 months ago
Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 41,149
Experience: Attorney with 17 years experience
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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So the wife wants to offer the husband 1/3 of any surplus money over any debt owed if and when the property is sold...

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What is your legal question about this?

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thanks

Barrister

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Customer reply replied 4 months ago
Will the court accept this arrangement and where can I incorporate this into my divorce petition? I am using on line forms and I don't see where this arrangement can be stated?
Customer reply replied 4 months ago
I will accept the answer online
Family Lawyer: Barrister, Lawyer replied 4 months ago

Sure, the judge encourages the parties to reach private agreements that can then be incorporated into any marital property settlement. It makes the judge's job easier so if you reduce the agreement to written form and all the parties sign it agreeing to it, it is a binding contract and it can be added in to any settlement agreement..

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Customer reply replied 4 months ago
Will this also work if the divorce is a default situation?
Family Lawyer: Barrister, Lawyer replied 4 months ago

No, because all the parties have to agree on this distribution.. you can't impose a suggested agreement by default. In a default situation, the judge would likely order the house sold at public auction with the proceeds divided according to the ownership interests if the parties can't agree to some other division privately.

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Barrister
Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 41,149
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