I have been divorced for 16 months, we had marital debt for aprox. 25,000 I have managed to pay down some of the debt,presently we owe $15,000. In the divorce agreement I was to continue paying down the debt until we sold our property at which time I was to be reimbursed, the property hasn't sold (FL) although we decreased the price, I would like my ex to help pay down the debt, what do I need to do? also we are using the property as a rental, the income is to pay the mortgage, although this was resolved during the divorce (court ordered collect the rent and use it to pay the mortgage)the ex has been keeping some of the money and now the mortgage is 52 days in arrears, this is also affecting my credit negatively, what can I do?
Given the downturn in the American housing market in the past couple of years, many homeowners are experiencing extreme difficulty selling their properties. Unfortunately, the Florida housing market has been one of the hardest hit in the country, especially with a large number of foreclosures which have a tendency to depress housing prices overall. In addition, the foreclosure crisis has hurt many banks and caused them to stop lending money as they previously were. Therefore, even if you can find someone who wants to purchase your home at or near your asking price, the buyer may be unable to obtain the necessary financing to consummate the transaction. While I encourage you to continue trying to sell the property, you probably need to be prepared to continue renting the property for an extended period of time. You should discuss your sale prospects with your real estate agent and/or financial planner to determine the probability of selling your home under current market conditions; if selling does not seem likely in the near future, your can plan for the future with the assumption that the home will remain a rental asset for the time being.
In regard to your responsibilities under the divorce decree to pay your marital debt, you should contact your attorney to discuss the situation and determine your best course of action. If you and your spouse are on amicable terms, your spouse may be willing to assist you with the debt payments voluntarily, especially since your former home has not sold as anticipated by the divorce agreement. However, if your ex is not willing to help you with the monthly payments on these debts, you may need to file a motion with the court to modify your divorce decree. The court may order that your former spouse begin paying a portion of the debts since your home has not sold as expected; what the court will decide in a case such as this will likely depend on which of you the court sees as being more financially able to meet the obligations and what is most equitable for both parties. From my past experience, the court will likely be unwilling to modify the agreement you already accepted unless you can show a compelling reason that the previous order should be changed. Again, you should contact your attorney to discuss the problems you are facing and find out what steps he recommends you take to rectify the situation. If appropriate, your attorney should be able to file the necessary documents with your local courts to request that the previous divorce decree be modified.
You should also discuss with your attorney the fact that your ex is not using the rent proceeds from your property to make the mortgage payments as required by the divorce decree. If she has not been using the rental income to make the mortgage payments as required, she may be in violation of the divorce decree, and the court may order her to bring the mortgage current, and may even require that the rent be paid to you so you can make the mortgage payments yourself. You may wish to speak with your ex-spouse first to find out if she will take the necessary steps to bring the loan current voluntarily, but if she is not willing to do so, your attorney should be able to assist you, either by negotiating with your exÂ’s attorney or by filing the necessary court documents accusing her of violation of the divorce decree.
I definitely think that the most important thing for you to do in this situation is to consult with your attorney as soon as possible to determine your recourse in these circumstances. To learn more about what you can do when you ex-spouse violates your divorce decree, you can visit this link.
I wish you the best of luck in resolving this situation, and hope that the information I have provided helps you Find. Learn. Save.