Currently a property in NewJersey was just sold. On the deed are 2 equal owners, myself and another party. The other party is the person who the mortgage is under and there is a remaining principle on the property. My entitlement of the sale is half due to two owners on the deed. My question is, if I am legally entitled to my share of the sale of the property before any monies go to the lending institution or must the principle be paid to the bank first and then the remainder after that, is what is split between myself and the other party?
Rough Example- house sells for 160,000
Owed to bank is - 60,000
Would we split the 160,000 (roughly 80,000 each)
Or split 100,000 (remainder after paying balance)
These are rough figures. Any help would be greatly appreciated! Thank you