Settlement agreement in divorce pursuant to which husband agreed to pay wife $192,500 as part of equitable distribution of marital assets based in part on appreciation in value during marriage to husband’s separate real property was not premised on mutual mistake of parties as to appraised fair market value of property as single family dwelling with accessory unit in amount of $415,000, as required to permit reformation of agreement, simply because mortgage appraiser who characterized property as two‑family rental property gave different appraised value of $250,000 when husband later attempted to obtain loan on property in order to pay wife; agreement did not fail in any material respect to correctly reflect understanding of both husband and wife as to value of property at time they executed agreement.
Laura Morgan is a Family Law Consultant. Laura is available for consultation, brief writing and research on family law issues throughout the country. She can be reached through her website. www.famlawconsult.com