When a couple divorces, there are several things they must work through in order to reach a settlement agreement, including the division of their property. Sometimes, parties may make certain payments contingent on other financial events, like the sale of the marital home. Thus, what happens if the house is put up for sale, but no one buys it? Issues like this highlight just how important it is to negotiate thoroughly and draft carefully any marital settlement agreement that you sign. When it comes to marital settlement agreements, it pays to have an experienced Florida property division attorney on your side.
A recent case involving this type of settlement agreement dispute involved the divorce of Jonathan and Angela. The couple worked out a marital settlement agreement in their divorce case that stated that they agreed to sell their marital home. They later amended the agreement to dictate that the home had a fair market value of $725,000 and an outstanding mortgage of $328,000. They agreed that each spouse was entitled to 50% of the equity in the home, meaning that each spouse was entitled to $198,500.
To accomplish this distribution, the agreement required the wife to sign over her one-half interest in the home to the husband. The husband agreed to pay the wife $80,000 within 10 days and the remaining $118,500 when the sale of the home closed.