Legal Question in Real Estate Law in Minnesota
Joint home owners separating
My fiance' and I purchased a
home almost 3 years ago and
now we are separating. We are
both on the title but I am
concerned about getting my
even share back from what was
invested in the home.
Realizing we will take a hit with
the current market, what would
you suggest are some key
questions I should be thinking
about? I have already
contacted our lender for a copy
of the title contract. Thank
you.
1 Answer from Attorneys
Re: Joint home owners separating
If there is equity in the property to divide, each party typically gets their original investment returned, and the remainder is divided according to their percentage contribution during ownership. That being said, the parties can agree to divide the equity any way they choose. If the parties cannot agree, either party can sue to partition the property. That is, have the court divide the equity and force a sale or buy-out. You should consult an attorney before agreeing on an equity division or before considering partitioning the property.
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