how to split the home?

[haha123]

What is the name of your state (only U.S. law)? OK

I think this might be more of a math issue too, so I'm not sure.

House was bought in 2006. recently refinanced. Both of our names are on the mortgage and the deed.There is no equity right now.

I leased the house out, and I am making $200 in profits every month (my mortgage payment is 1200. tenants pay me 1400).

So I guess my wife is entitled to 50% of the equity and any profits from the lease
I personally want to keep the house to myself in my own name and keep it as a rental property.

What is she owed if I don't plan to sell the house? I know that I owe her half the profits from the tenants. what is a 'fair' amount to 'buy her share' of the home? Is it just 50%? For example, if the house is 100,000 and the house is paid off, I guess I would need to pay her 50k to buy her out right? What if it is still under mortgage? Do I need to keep 50% of the monthly tenants payment for 30 years and use that to buy her out?

[LdiJ]

Originally Posted by haha123

What is the name of your state (only U.S. law)? OK

I think this might be more of a math issue too, so I'm not sure.

House was bought in 2006. recently refinanced. Both of our names are on the mortgage and the deed.There is no equity right now.

I leased the house out, and I am making $200 in profits every month (my mortgage payment is 1200. tenants pay me 1400).

So I guess my wife is entitled to 50% of the equity and any profits from the lease
I personally want to keep the house to myself in my own name and keep it as a rental property.

What is she owed if I don't plan to sell the house? I know that I owe her half the profits from the tenants. what is a 'fair' amount to 'buy her share' of the home? Is it just 50%? For example, if the house is 100,000 and the house is paid off, I guess I would need to pay her 50k to buy her out right? What if it is still under mortgage? Do I need to keep 50% of the monthly tenants payment for 30 years and use that to buy her out?

Normally, if you are taking over the burden of a property with no equity, then you wouldn't be giving her anything towards the house.

HOWEVER...that would also mean that you would need to refinance to remove her name from the mortgage. Clearly, you cannot do that at this point because the home has no equity. Therefore she would need to agree to keep her name on the mortgage for a specific amount of time, or you would have to sell the home in a short sale to get her off the mortgage.

If she agrees, then she would be due something for having her credit tied up for however many years it would be.