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Posted by joetaxpayer on July 19, 2007, 8:21 am
Piggy wrote:
> my significant other and i (unmarried) bought a condo a few months ago
> but now it looks very possible that we will be breaking up. i would
> most likely be the one to move out but this will definitely not happen
> for at least one more year, even if we were to officially separate
> tomorrow. we are joint tenants and share everything evenly in terms of
> finances and how we contribute to the household.
>
> any recommendations or advice about how to fairly divide the value of
> a property under joint tenancy in this situation?
Is there a mortgage? If so, you want to get off of it, which may require
the 'other' to refinance.
Has the property changed in value that much over a few months? I'd doubt
it. You should get back your portion of the downpayment, plus any amount
you paid to mortgage principal.
If the refinance is needed, you might want to account for part of that,
since the sale of your half to the partner saves you a sales commission,
which would happen if you forced a sale.
My only strong warning is to not leave your name on the mortgage, that
can turn into a large problem for you.
JOE
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