If my partner and I own2 homes and have recently separated, how can we divide things up?

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If my partner and I own2 homes and have recently separated, how can we divide things up?

My partner and I own two homes and no longer want to be financially attached. How do we settle the homes? How can I take one home away from my partner?

Asked on January 6, 2011 under Real Estate Law, Maryland

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am sorry for your present situation. You and your partner can agree on anything you like.  I would, however, consult with an attorney before you sign any documents.  If things are amicable and all you want to do is to split the homes between you then do so.  If, however, you wish to make sure that the division is equitable, I would maybe have the houses appraised and then you can each buy each other out for half of the value.  Remember that if there are mortgages on the house they will have to be refinanced in to one name and not both or there will be liability for the non-possessory partner if the other defaults.  Speak with someone.  Good luck.


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