Court Modification of a Separation Agreement


#1

I entered into a separation agreement with my spouse about 1yr ago before the economic down turn. In the agreement it was agreed that I would take the house and either refinance it or sell it and a sum of money would be paid to her to cover the equitable distribution of assets.

Since then the economy has tanked and the house (and other assets) are no longer worth what they were when the valuation was done for the agreement.

The divorce has not been finalized yet. Can a modification be made to the separation agreement to account for these unforeseeable and extreme circumstances?

Thanks.


#2

A separation agreement regarding equitable distribution is not modifiable unless both parties consent in writing to an amended separation agreement which outlines the new terms and is executed with the same formalities as the original agreement.