I have a marital separation contract with ex (not entered into divorce decree). I pay alimony which more than covers mortgage payment & utility bills.
The home language in contract reads: “The parties own real property at X. The home has a mortgage in both parties names. Effective at the date of separation, ex is solely responsible for the mortgage, taxes & ins related to the home. Ex will hold harmless & indemnify me for any liability or expenses including ex’s failure to pay debts or accounts. Me & ex will share financial responsibility for any repairs or improvements needed for home. Ex has until X (date) to assume home solely in her name. As of that date, if ex has been unable to assume the home solely in her name the house must be sold.” I receive the tax deduction for home.
She has not initiated a quit claim deed in over 4 years since the divorce and the date requiring her to sell is quickly approaching.
If she does decide to sell - could I assume the equity should be split 50/50 as the agreement gives no specifics to this? If she asks me last min to sign a quit claim - would I be wise to fight for an equity pay out before I sign? What if she stays in home past the date?
I also have a second question. Our agreement also specifies for me to pay alimony with a clause that her cohabitation or remarriage would have no affect on me paying. Since the state statue differs from this language, could we have entered into an ageement with that language?