Dividing/splitting mortgage

[mrmojorisin]

My sister-in-law is in a bit of a bind... hopefully someone can help. The story: she co-purchased a home roughly (2) years ago with her same sex partner of 15+ years. During this time they both lived in the home, splitting the mortgage payments equally. Her partner initially placed the majority of the down payment on the home, although my sister-in-law was instumental in getting the mortage with her steady income. Also, my in-law's ex-partner paid for most of any home improvements made over the past two years. Both people are listed on the mortgage, I'm not sure about the title, etc. The problem: over a month ago the couple split up, and my in-law chose to move out of the home, although most of her belongings are still in the home and her name is on every major utility bill. She does not want ownership in the property, she just wants her name off the mortgage and any money she is due. Attempts at arriving at an agreed amount of money with her ex-partner have failed. How should she proceed?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by mrmojorisin:
My sister-in-law is in a bit of a bind... hopefully someone can help. The story: she co-purchased a home roughly (2) years ago with her same sex partner of 15+ years. During this time they both lived in the home, splitting the mortgage payments equally. Her partner initially placed the majority of the down payment on the home, although my sister-in-law was instumental in getting the mortage with her steady income. Also, my in-law's ex-partner paid for most of any home improvements made over the past two years. Both people are listed on the mortgage, I'm not sure about the title, etc. The problem: over a month ago the couple split up, and my in-law chose to move out of the home, although most of her belongings are still in the home and her name is on every major utility bill. She does not want ownership in the property, she just wants her name off the mortgage and any money she is due. Attempts at arriving at an agreed amount of money with her ex-partner have failed. How should she proceed?<HR></BLOCKQUOTE>

Have her hire a real estate attorney to force the partner to buy her out or sell the property and split the proceeds.

 

[Tracey]

Would they both agree to submit the financials to an arbitrator or mediator & abide by the number s/he sets? This could be done fairly informally, since they aren't in court yet. Next time either buys a house, draw up a quick contract stating how the buyout amount is determined.

------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws. [email protected]