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CROSS POST: DH updated me on this whole equity thing

bulletproof's picture
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First and foremost, the decree I was referencing yesterday came from that crazy e-mail BM sent about a year ago where she outlined different sections and told DH he was breaking all of those sections (remember? She said we had to consult her before giving SS cough drops! :? ) The first thing that he said to me when he got home from work was that we needed to wait until our furniture/household items were shipped to us here because she left out parts of the section that references the house/equity situation and his copy of the decree is in that shipment. So, hopefully he's remembering correctly. Those things should be here within a few weeks.

BM and DH bought the house together. NONE of the numbers below are accurate, but to have this make more sense I'll use numbers. So, they bought it for $250,000. Almost five years later they had it appraised because the market would work in their favor. It appraised at $350,000. They put it on the market. THEN, BM filed for divorce. They estimated the equity to be $90,000. The money they were to split (this interest/equity that she is referring to) is $60,000 (so 30k each). The other $30,000 was to go to the realtor who was selling the house for them. That is how the figure she is saying DH owes her came about. He said that nothing other than that was done to come up with that figure.

Then he explained to me that the part BM left out says that he had to sell the house and give her the first $30,000 of the profit of the house. Well, we are in the process of a short sale, and it is selling for less than DH and BM originally bought it for, so there isn't any profit there.

After we talked about all of that, we looked up the statute of limitations on this. I forgot that when we met with DH's lawyer back before we moved overseas, he told us that there is a statute of limitations and he was pretty sure it was past the point where BM could do anything about this. For a written contract in the state in which they divorced, the statute is 6 years. The way we saw it worded on every website we read has us understanding that it is 6 years from the day in which the contract is entered. I am hoping that is true, and that it isn't 6 years from the day it says you have to pay it by.

So, from what he explained to me, things look more promising. He does not have the best memory, so I am hoping that what he is saying about that section of the decree is indeed what it says. He said he will not fly home for this, that his lawyer already said he'd represent him with DH being there, and that he plans to consult a second lawyer again after he contacts his lawyer today to make sure opinions are the same.

Thanks for all your support and help yesterday; anything else you can tell me that will help me understand the court system better, or anything that you can foresee BM throwing at us will definitely help! Smile

runninglawmom's picture

The time has tolled due to your DH leaving the country. Also, a divorce property settlement is not a simple contract - so if this was part of a settlement the laws of contract may not apply. They will definitely be based on the date the court ordered this as equitable settlement of marital assets.

However, give me the exact language about the 30,000 being paid to the ex - does it specify from equity/profit? If so you have good argument that none existed at the time of sale.

bulletproof's picture

They both wanted one of them to stay in that house, because it resides in the school district where they wanted SS to attend school. That's actually the reason they bought the house. So, BM took one of their other homes (the one they had been living in) and DH moved into our old house (which had been a rental).

I don't know why she didn't make it part of the whole deal for him to have to move out of the house. I would have!

SanAntonioSoccerMom's picture

Did you just move overseas or back from overseas?

You need to check your state statutes regarding property settlements, in my husband's case it was 5 year statute of limitations and us being overseas on active duty did not affect anything regarding the statute limits in his decree, but that is also state specific.

SanAntonioSoccerMom's picture

He is protected by the SCRA while overseas (actually he is also protected stateside also). Like another posted said, get the paperwork from JAG and read it over...and over and over until you and your husband understand all of it.

bulletproof's picture

thank you!! we were just talking today and wondered if there was something like this.

runninglawmom's picture

My concern is that Soldiers and Sailors actually works AGAINST you here - it tolls the statutory limits on the contract and will now allow the ex to claim her time has NOT run out since you were under the SSA on deployment. YOu probably need a family law/military law person to help you here as this is not as simple as read the act and assume it means you have a get out of contract free card. I think it very likely means the opposite and your six years has been estopped while you were abroad, since during that time the SSA doesn't allow ex to take advantage of your absence. Please see a more experienced attorney.

Rags's picture

We kept a copy of the CO, the supplementary rules and state relevent statutes in our possession with us when we moved. Obviously you never lose access to the governing documentation that controls your life until the Skids age out from under the CO.

Time to become the unequaled experts on your CO case. You have to be more knowledgable than the opposition and you can never let your guard down.

For your sake, I hope your DHs memory is correct. Rather than waiting for your shipment to be delivered call the court and have them expedite a copy of your CO to you ASAP. Quit stalling and take some control. If you are a service family then I suggest you follow the above advice from dtzyblnd very closely.

IMHO of course.

Sincerely,