Property Split

Arizona

We've been separated for just over a year, and I am now starting the divorce process. I am still living in the marital home and don't have any intention of moving yet. We had agreed that when I eventually do sell the house we'd split the proceeds 50/50. However, it has been pointed out to me that I could be making mortgage payments for another 20 years or more and that a 50/50 split is not fair to me. I see that, but what other options are open to me? Thanks for your advice.

You should agree to refinance in your name (as you will be residing there) and remove him from the mortgage and at the same time buy him out, paying him his share based upon the appraisal value minus mortgage balance. It is also not fair to him to have a debt obligation that may preclude him qualifying to buy a place he can love in, and to have his equity tied up in a property he can't use or reside in.

The fair thing is the split the equity and buy him out as part of the divorce. That way, all future equity is yours, and he's not a co-owner with you.