Results 1 to 4 of 4
  1. #1
    Join Date
    Aug 2015
    Posts
    1

    Lightbulb Payment of Interest of a Divorce Settlement

    My question involves a marriage in the state of:IOWA. I was divorced a number of years ago in Iowa and stipulated that I would make monthly payments to my ex to pay off home equity. I stipulated the amount total, amount of monthly payment and number of years in order to accomplish the payoff in time for me to retire. There was a last minute change to the decree by their side which added interest to the monthly payment which I did not like but signed the decree anyway since I was stressed out with all the rancor involved. Now it is many years later and I have paid the total amount and I get a notice from the other lawyer that with interest it is more than twice the total and I will need to work for ten more years. My question is: I believe that I could have waited all these years until my youngest child was 18 years to even begin paying this off but chose to start early in good faith to plan for retirement. Is there a chance that I will prevail in court to get the amount reduced substantially since the other party benefitted while I was stuck with financial hardship all these years and they got a windfall rather than them waiting all this time to begin receiving anything? Or is this an impossibility? My next question if this is not accomplished or feasible is: Can I protect my assets by transfering title to my new wife, and my retirement benefits are non-garnishable as Federal, then if I stop paying will the contemp of court charge be much of a problem?

  2. #2
    Join Date
    Apr 2009
    Location
    Somewhere near Canada
    Posts
    35,894

    Default Re: Divorce Modification

    Quote Quoting CLINTE
    View Post
    My question involves a marriage in the state of:IOWA. I was divorced a number of years ago in Iowa and stipulated that I would make monthly payments to my ex to pay off home equity. I stipulated the amount total, amount of monthly payment and number of years in order to accomplish the payoff in time for me to retire. There was a last minute change to the decree by their side which added interest to the monthly payment which I did not like but signed the decree anyway since I was stressed out with all the rancor involved. Now it is many years later and I have paid the total amount and I get a notice from the other lawyer that with interest it is more than twice the total and I will need to work for ten more years. My question is: I believe that I could have waited all these years until my youngest child was 18 years to even begin paying this off but chose to start early in good faith to plan for retirement. Is there a chance that I will prevail in court to get the amount reduced substantially since the other party benefitted while I was stuck with financial hardship all these years and they got a windfall rather than them waiting all this time to begin receiving anything? Or is this an impossibility? My next question if this is not accomplished or feasible is: Can I protect my assets by transfering title to my new wife, and my retirement benefits are non-garnishable as Federal, then if I stop paying will the contemp of court charge be much of a problem?
    No, you can't illegally transfer funds and I'm not about to help find loopholes.

    You're welcome.

  3. #3
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Payment of Interest of a Divorce Settlement

    Quote Quoting CLINTE
    View Post
    My question involves a marriage in the state of:IOWA. I was divorced a number of years ago in Iowa and stipulated that I would make monthly payments to my ex to pay off home equity. I stipulated the amount total, amount of monthly payment and number of years in order to accomplish the payoff in time for me to retire. There was a last minute change to the decree by their side which added interest to the monthly payment which I did not like but signed the decree anyway since I was stressed out with all the rancor involved. Now it is many years later and I have paid the total amount and I get a notice from the other lawyer that with interest it is more than twice the total and I will need to work for ten more years. My question is: I believe that I could have waited all these years until my youngest child was 18 years to even begin paying this off but chose to start early in good faith to plan for retirement. Is there a chance that I will prevail in court to get the amount reduced substantially since the other party benefitted while I was stuck with financial hardship all these years and they got a windfall rather than them waiting all this time to begin receiving anything? Or is this an impossibility? My next question if this is not accomplished or feasible is: Can I protect my assets by transfering title to my new wife, and my retirement benefits are non-garnishable as Federal, then if I stop paying will the contemp of court charge be much of a problem?
    You could have simply sold the house when you divorced and split the equity. You were the one who made the decision to keep the house and pay for it in installments. Why would you not have expected to pay interest? You sat on your ex's money for quite a few years.

    If your ex's attorney was smart there will be a lien on your home that would stop you from fraudulently transferring it to your wife anyway.

  4. #4
    Join Date
    Jun 2015
    Posts
    988

    Default Re: Payment of Interest of a Divorce Settlement

    I don't see the point....if you owe it...you owe it..and its way too late to debate the point now . Hey the person on other side deserves to be paid extra for waiting.

    I read of a guy who was a bit too cute in moving assets.....judge gave him a long visit to jail ...

    You owe it.........

    1. Sponsored Links
       

Similar Threads

  1. Federal Taxes: Is a Delayed Payment from Divorce Payment Deductible as Alimony
    By mykidsdad in forum Tax Law
    Replies: 8
    Last Post: 07-29-2015, 07:55 PM
  2. Harassment: Advised to Take Low Settlement, Possible Conflict of Interest
    By jojo08 in forum Employment and Labor
    Replies: 5
    Last Post: 09-01-2011, 09:58 AM
  3. Property Division: Interest on a Property Settlement
    By debigu in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 03-26-2011, 09:38 PM
  4. Property Division: Is Interest Due on Equalization Payment
    By BobbyJ09 in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 01-30-2009, 10:08 PM
  5. Federal Taxes: Is interest on a personal injury settlement taxable
    By fofomebunny in forum Tax Law
    Replies: 2
    Last Post: 09-09-2006, 06:39 PM
 
 
Sponsored Links

Legal Help, Information and Resources