Selling marital home


#1

My soon to be ex and I have been separated for a little over a year. At the time of separation our debt included a car payment and our mortgage. I assumed both since he was unemployed at the time. We are now in the process of going through equitable distribution. I have decided that I cannot afford to keep the home. I think that it will take a while to sell the home. My questions are the following:

Will I get credited for the principal that I have paid since separation?
What about insurance/taxes on the house? Do I get credit for those as well?

What about going forward while the house is on the market? I assume that I have to assume all of the debt since he still can’t afford to pay?

Thanks!


#2

You may be credited for the principal reduction and taxes and insurance paid since the date of separation. You may seek a reimbursement for his share of the debt service from the proceeds of the sale.


#3

Thanks for the info.

If I put the house on the market and still pay the mortgage, what rights will he have in determining the ultimate selling price (not asking price)?


#4

It will depend on whether you have a Separation Agreement giving you the right to decide that issue. If not you will both have to agree on the sale price.