Legal Question in Family Law in North Carolina

If the ex-partner put in $70,000 of the cash for the NC property, deducting this sum from the value leaves $80,000, minus his/her share of the debt (I am splitting the debt equally with each of you responsible for $44,000 on each property - however, I do not know your circumstances which may cause the numbers to vary) . This leaves $36,000 in equity; divided in half leaves him/her owing you $18,000. You would owe her $44,000 for her share of the FL property less her share of the debt, which leaves no equity. Thus, you would owe your partner nothing for the Florida property.

My advice would be for each one to use a quitclaim deed to transfer their share of the land to the other (the partner quitclaims the FL share of his/her land to you and you quitclaim your share of the NC land to him/her). Each of you can then refinance the joint mortgage into 2 separate equity loans of $44,000 each. Unless you have a really great rate and the mortgage will soon be paid off OR one or both of you have bad credit, then this will not work as you will not be able to re-finance. In that case, you will need some kind of agreement.

You will have to use actual numbers as to how much each property is indebted, but this should give you an idea.