Q: Unmarried couple on mortgage, now splitting. How to handle who gets house, buyout, or sell?
Domestic partnership of 6 years, 4 of those years in a house with mortgage. My name is the primary borrower, her’s is co-borrower. There was no pre-planned paperwork stating what would happen if/when a split occurred.
How does the process work for the one who stays and the one who leaves? Do we sell, buyout the other? How does this work?
A: You should contact a real estate attorney who handles partition or sale for division cases. If you are a co-owner of the house you may have a claim for partition. Such claims may be used to divide the equity in real property if the co-owner parties cannot reach an agreement to resolve their dispute. The process usually begins by one owner filing a lawsuit against the other owners so you will likely need to contact an attorney who is knowledgeable about partition claims.
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