My ex would like to buy me out of our home after seperation. What is fair?
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My ex would like to buy me out of our home after seperation. What is fair?
My partner and I bought a home together a
year ago with my name only on the home. He
contributed a decent size down payment and I
made all the monthly payments and bills. We
are now broken up and he wants to buy me
out. What would a fair agreement be for selling
the home? Would I get half the equity?
Asked on December 5, 2017 under Real Estate Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Ultimately, fair is what (more-or-less) satisfies the two of you. That said, a good way to go is to total up your respective contributions: how much you each put towards the down payment and also the monthly payments and bills you paid. Use that to form a ratio. Example: he put down $30k upfront; you have paid 12 months of mortgage and bills totalling $20k. Of the $50k paid total, he paid 60%; therefore, your fair share is 40%. You would get 40% of the equity in the home. This approach would take cognizance of your respective contributions. Again, though, whatever number (if any) the two of you can agree to is, by definition, "fair"--and whatever number is put into a written contract or agreement is enforceable.
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