Legal Question in Family Law in Illinois

i want to buy out my ex for the house. it appraises for 160,000 and we owe 142,000 still . so the equity is about 18,000. do i pay her half of the value of the house or half of the equity


Asked on 2/03/12, 6:13 pm

1 Answer from Attorneys
Sue Roberts-Kurpis, Esq. Law Office of Sue Roberts-Kurpis

Generally you would pay her half the equity and assume full responsibility for the mortgage. It is best that you qualify for a new mortgage and pay her out of the closing. Your numbers are pretty close so you may have to come in with additional funds to be able to close this deal.

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Answered on 2/03/12, 6:39 pm


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