Home Equity


#1

Dear harleydad:

Greetings. I would love to answer your question, but these questions should be answered in the clear language of the separation agreement. An agreement should contain the definition of any subject sum of money and a date by which all payments should be made. If your agreement does not contain these definitions, you may want to talk to your attorney about when to pay and how much. Best of luck.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorce.com
919-787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

Greetings, In my separation agreement I agreed to give the ex-spousal unit 1/2 the equity in the marital home. Just so I’m clear, I have two questions.

  1. Is the equity considered the amount appraised minus the amount owed?

  2. When is payment due? When the equity amount is secured, or at the time of divorce?

Thanks again.