Legal Question in Real Estate Law in North Carolina
Splitting equity in a house sale
My ex-partner and I (we are not married) own a home that is now being sold. I moved out of the home in mid-July, and she has been paying the mortgage since that time. We are disagreeing on how to split the equity from the sale of the house. She wants me to give her half the amount of mortgage payments she has paid since mid-July. I am willing to give her the total amount of prinicipal she paid during the time I didn't live there. What does the law say about splitting the equity after a home sale? We are both on the mortgage and each owe 50% of the mortgage amount, and both names are on the deed. Thank you.
1 Answer from Attorneys
Re: Splitting equity in a house sale
I don't know how to answer that question. You are each entitled to 50% of the proceeds if you each own 50%. How you split it will depend on a number of factors - she may have a good argument that you should pay her for 1/2 mortgage payments while you may have an argument that since she got the benefit of living there, you shouldn't have to pay half.
Practically, there is no right answer - if it went to court, each of you would bring different arguments and raise different points. I am assuming from the question, you didn't have an agreement about how to split the proceeds when you moved out.
Therefore, the best solution for both of you will be to compromise.
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