Sale of marital property and escrow


#1

The escrow refund would be considered net proceeds from the sale and should be shared between you in the same ratio that the equity was shared. I would recommend the two of you try to come to an agreement on this issue, otherwise you may spend more money pursuing this issue than you will actually receive form the sale.

Helena M. Nevicosi
Attorney with Rosen Law Firm

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#2

My ex wife and I recently sold the marital property. Our separation agreement reads, ver batim, as follows:
Wife shall pay husband 30% of the equity in the marital home. For the purposes of this section, the “equity in the marital home” shall be defined as follows. If the marital home is sold, the “equity in the marital home” shall be the net proceeds from the sale of the home, after taxes, revenue stamps, the costs of the sale (including but not limited to realtors fees) and the indebtedness on the residence is subtracted from the sales price.

There were no problems at closing. I received my check for 30%. However, the mortgage company recently mailed out the escrow reimbursement check for close to $2000.00. Would this be considered part of the “net proceeds” from the sale of the house.

IF NOT, since the check is made out to me and her, am I obligated to endorse it without receiving what I feel is my fair share.

Thanks so much for your help.

Luke