Selling the Martial Home

There is an established process for selling the marital home during the divorce. The martial home is encumbered by a mortgage in both parties’ names. The parties agree that the Husband shall pay the Wife $100,000 for her interest in the home. The Husband shall do so within 90 days of the parties’ execution of this agreement. The Husband shall also refinance the aforesaid mortgage such that it is no longer in Wife’s name and such that she is no longer liable/responsible for it. Husband shall accomplish said refinancing within 90 days of the parties’ execution of this agreement.

If Husband does not pay the Wife the aforesaid sum of money within the aforesaid 90 days, and refinance the mortgage as aforesaid within the aforesaid 90 days, the home shall be immediately listed for sale and sold. The net sale proceeds (i.e. gross sale proceeds minus mortgage, lien and encumbrance payoff, realtor commissions, and usual costs of sale) shall be distributed equally to the parties. Only upon both payment to Wife of the aforesaid $100,000 within the aforesaid 90 days, and refinancing of the mortgage within the aforesaid 90 days shall Wife be obligated to convey her interest in the home to Husband. Otherwise, Wife shall be and remain an equal owner of the home.

Selling the Martial Home During the Divorce

Husband shall at all times pay the mortgage and other expenses relating to the home without contribution from Wife. (said expenses include but are not limited to taxes, insurance, HOA type fees, repairs, maintenance and the like). In this regard Husband shall defend, indemnify and hold harmless the Wife regarding the said mortgage and other expenses relating to the home, such as for the balances due, late charges, attorney fees, court costs, penalties, interest and the like.

If Husband is late in a payment or partial payment regarding the mortgage or other expenses relating to the home by more than 10 days from due date, the home shall be immediately listed for sale and sold. The net sale proceeds (i.e. gross sale proceeds minus mortgage, lien and encumbrance payoff, realtor commissions and usual costs of sale) shall be distributed equally to the parties. Husband shall at all times herein furnish Wife with a current mortgage statement as soon as it is sent to him by the lender, and he authorizes Wife to receive information regarding the mortgage from the lender.

Any arrears regarding the mortgage and other expenses relating to the home shall be paid by Husband out of his share of home sale proceeds. If sale proceeds are insufficient in this regard, Husband shall immediately pay the arrears out of his personal funds. Any deficiency or similar judgment or obligation regarding the mortgage shall be paid by Husband immediately. He shall in this regard defend, indemnify and hold harmless the Wife regarding the deficiency or similar judgement or obligation, such as for the balances due, late charges, attorney fees, court costs, penalties interest and the like.