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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118201
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I need advice separation agreement It states: Our divorce

Customer Question

Hello, I need advice for our separation agreement
It states: Our divorce decree states "wife shall receive a credit within her share of the proceeds for any money she paid down of the principle of the mortgage".
I have paid 30,600. Where should this money come from? His net proceeds or the gross proceeds? If it is from the gross proceeds that does not give me credit for the amount I paid down as equity. This issue is going to make it impossible to close Tuesday. Can you give an example of what it should look like
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Proceeds, if not specified otherwise, means money the two of you would take away from the home sale, meaning net proceeds. So, your order says that you would be reimbursed for anything you paid out from the net proceeds before the remainder is divided between the two of you.
So if you are owed 30,000, when you divide the sale proceeds you get the extra $30,000 when you get your check from the proceeds. It says it right there, you get a credit within your share of the proceeds. So your share of the proceeds would be $30,000 higher.
Customer: replied 1 year ago.
Okay, so as an example, can you please use this determination......The house has 94k left after paying the mortgage, second mortgage, real estate fees, ect. The total amount left is 94k. I am to get 55% of that and he 45%. what would my amount be?
Customer: replied 1 year ago.
I need to be credited 30,000 for the principle reduction as well
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
It is not just 30,000 principle reduction, since your payments went to principle and interest and you receive your $30,000 back first. So out of the 94K left over, you get $30,000 up front. That leaves 64K and you get 55% of that which is $35,200. So you would get 65,200 of the 94K.