Dealing With A Marital Home Upside Down In Value

Question:

I was awarded the marital home in the divorce that is currently worth less than what we purchased it for.

My divorce decree states that I need to refinance or sell the home or I owe my ex an additional sum of money.

I am unable to sell or refinance because the home is so upside down, and if I foreclose on the property, my ex-wife says she will sue me for ruining her credit score.

What options are available to me for dealing with the marital home?

Answer:

I am only licensed to practice in Colorado so I cannot provide you with legal advice on divorce, but I can provide you with some general divorce help for men regarding your divorce laws question.

Your options for the marital home will depend on the wording as laid out in your marriage separation agreement. It appears that you may be in a position to do a short sale on the home. However, once again, this will depend on your separation agreement.

If possible, you could attempt to negotiate with your ex-wife for an extension of time for the sale or refinance of the home and to modify your agreement. If you are unable to comply with the agreement, you may have a possible defense at court.

However, it appears from the information provided, that you will likely have to pay your ex-wife a sum of money. I would suggest having a divorce lawyer review your dissolution documents to give you a full assessment of your options.

Again, I am unable to provide you with legal advice on divorce and this should not be construed as an attorney-client relationship. Consult with a mens divorce lawyer for divorce advice for men.

To schedule an appointment with a Cordell & Cordell mens divorce lawyer, including Boulder Divorce Lawyer Maile Kobayashi, please contact Cordell & Cordell.