Legal Question in Real Estate Law in Wisconsin
Unmarried couple with both names on the home loan.
If a home loan has both unmarried parties on it, who is entitled to the money when it is sold? Is it split down the middle or is the party paying the actual monthly bill entitled to the majority?
1 Answer from Attorneys
Re: Unmarried couple with both names on the home loan.
In the situation you describe, I believe the parties
need to start with the presumption that the
proceeds would be divided equally. However, since
this is not a married couple, and since there
appears to be no other agreement, such as a
partnership, the court may have to go to outside
evidence to determine how the proceeds would be
divided. For example, did one party live on the
property? Did either put in uncompensated effort in
either maintaining or improving the property?
Another question: you indicated how the loan was done.
How is the property titled?
If I may of further assistance to you, please email me.
Tom Schober
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