Your divorce papers must show the amount of equity in your real property at the time of your divorce. The equity in your real property can be agreed upon by both of you or, if you are unable to reach an agreement, an appraisal by an appraiser (agreeable to both of you) should be conducted to determine market value.
The current equity is then calculated by subtracting any debts or mortgages against the property.
Your divorce papers will indicate that when 1) your youngest child reaches 18 years of age, or 2) Petitioner remarries, ceases to use the home as a primary residence or cohabits with another person, Petitioner must pay Respondent a share of the equity.
Respondent will be required to sign a quit-claim deed to Petitioner at the time the divorce is entered, but will retain a lien against the property in the amount of the equity being paid.
Be sure to include the proper language in your quit claim deed for the lien. For example:
Grantor ____________________ (Respondents's name) retains a lien against the above described real property in the amount of $_____________ until such time as grantee _____________________________ (Petitioner's name) pays to grantor __________________________ (Respondent's name) the sum of $_________________ which represents that portion of the property awarded to grantor _______________________ (Respondent's name) by the court in the parties’ Decree of Divorce, ______________________ (case title, ie Jones v. Johnson) __________________________________ (court name, ie Third District Court, Salt Lake County, Utah) ________________________ (case number).