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The fairest way to split the proceeds from an amicable home sale with your Ex?

I met my ex and his 2-yr-old daughter in 2004. We moved in together in 2005. I legally adopted his daughter in 2008. A few months ago, we amicably split up *AND* we remain living together (for our daughter's sake as well as financial reasons). I bought the house we currently live in nearly 3 yrs ago. He has bad credit so the deed and the mortgage are solely in my name. In addition, I borrowed $40,000 to put down on this house to lower our monthly payments (the $40 Grand will be repaid once the house sells). The house we bought needs LOTS of work! We moved in knowing YEARS of work would be required (my ex is a carpenter/contractor). Now that we've split, he feels he should be somehow compensated once the house sells for the work he has done and will do while we remain living here (and I agree). But what do you think is fair? 10% of the sale price after the $40G is repaid? A flat rate? $25,000 straight out? What are your ideas?

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AbbyJada

Asked by AbbyJada at 4:27 PM on Jun. 1, 2010 in Money & Work

Level 3 (22 Credits)
Answers (6)
  • If you bought the house after you married he probably(depending on the state you are in) has a right to some of the money you get after you sell it. Now if you bought the house befor you married. Then he does not. He can try to sue you for the work he put into the house. But that is about it. Who get custody of the child? Sense you are her legal Mom now. He can or you can sue for child support. Depends on who get custody of the child.
    louise2

    Answer by louise2 at 4:35 PM on Jun. 1, 2010

  • I am sorry, I forgot to add that we have never been married (in my state you don't need to be married in order to adopt). We don't have any issues sharing custody of the child and we still have another 1-2 years of living together (and working/upgrading the house) before we would sell the house. We don't want any "suing" to go on in the future which why we are trying to put a legal document together now so that when the time comes to sell the house (ie: market goes back up and/or the majority of the renovations are done and will warrant earning a few bucks on the house) we'll have the financials already in order. (I was limited in my characters for my original post which why I didn't say this earlier!)
    AbbyJada

    Answer by AbbyJada at 4:59 PM on Jun. 1, 2010

  • Sounds to me that even if you do not legaly need to give him some of the money from the house sale, you are going to give it to him amy ways. I personally would not give him anything unless I had to. But if you insist on giving him something. After the $40 gs is paid, half of the rest.
    louise2

    Answer by louise2 at 5:33 PM on Jun. 1, 2010

  • Yes, Louise. I am trying to be fair because he is the one doing all the work. If I were to hire a contractor to do the work it would cost me **thousands** so he's definitely saving me money which is why I feel fine about some sort of reimbursement but since I am the one who took out the $40,000 loan and I am the one who applied for the mortgage I don't feel he deserves half because his only committment was a verbal "Yes, lets move in and fix it up" (no financial outlay). He has bought some sheet rock and insulation while I've bought flooring, paint and other items. But bottom line is that he is investing 100% of his time and effort so I feel he does deserve something. But what's fair? Still not sure! =\
    AbbyJada

    Answer by AbbyJada at 6:15 PM on Jun. 1, 2010

  • First you should tell him to stop buying things for the house, lit you buy it all. Write everything down he bought and find out how much it coast. Give that much to him.
    louise2

    Answer by louise2 at 7:07 PM on Jun. 1, 2010

  • I think that he should be paying you rent, and you should be paying him for making improvements on your home
    rkoloms

    Answer by rkoloms at 7:14 PM on Jun. 1, 2010

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