Buying the other party out of shared apartment

[loucal]

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

My soon-to-be-ex and I purchased a home together while we were married. She wants to buy me out of the property, which I paid 2/3rds of the rent (monthly mortgage payments) for every month during the time we were together.

She has suggested to just pay back my part of the down payment, and keep the house. I realize that most of our payments on the house were mostly paying interest and not the loan since it was early in the loan's history, but this still seems unfair to me.

I'd like to solve it amicably by not forcing a sale of the apartment, but it seems unfair that I've paid 2/3 of the mortgage so far, and shouldn't be able to recover at least some of that if she gets to keep the apartment.

What's the law around this, and how to people usually solve this with the minimum amount of drama and lawyers involved?

Thanks!

 

[LdiJ]

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

My soon-to-be-ex and I purchased a home together while we were married. She wants to buy me out of the property, which I paid 2/3rds of the rent (monthly mortgage payments) for every month during the time we were together.

She has suggested to just pay back my part of the down payment, and keep the house. I realize that most of our payments on the house were mostly paying interest and not the loan since it was early in the loan's history, but this still seems unfair to me.

I'd like to solve it amicably by not forcing a sale of the apartment, but it seems unfair that I've paid 2/3 of the mortgage so far, and shouldn't be able to recover at least some of that if she gets to keep the apartment.

What's the law around this, and how to people usually solve this with the minimum amount of drama and lawyers involved?

Thanks!

When it comes to divorce, its all about the equity in the marital residence, NOT who paid what and when. Sometimes a down payment can factor into the mix, particularly if the downpayment came from separate property, but its mostly about equity.

CA is a community property state, therefore you would each be entitled to 1/2 of the equity in the marital residence...assuming that it has any equity at all in today's marketplace.

Bottom line, you won't get more than 1/2 of the equity...1/2 of what would be left over if you sold it. If she is offering you your down payment back, and that is more than 1/2 of the equity, you would be foolish to turn her down. If she is offering you your down payment back, and its less than 1/2 of the equity, then you would be foolish to accept.

You need to get the home appraised (a real appraisal, not a market evaluation) so that you know how much true equity exists. Then go from there.

 

[nextwife]

Whomever buys out the other needs to refinance the loan out of the other's name. Can eitther of you qualify alone? Are both names on the mortgage and note?