My husband and I purchased a home together before we were married he put down the down payment, we are separating and he want to refinance the house in his own name, removing my name. We own the house as joint tenants. There is equity in the house. Would he be entitled to a reimbursement of the down payment from the equity of the house and we split the remaining equity? Or would we both be equally entitled to the equity?
1 Answer from Attorneys
Did you have any agreement as to the responsibility for the deposit funds. If yes, that agreement will control. If no agreement was the down payment considered a gift to you? If no agreement or gift the equitable result is allowing the deposit to be repaid first and any equity balance above that to be split 50/50.