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Splitting with partner. How do I get my share of the house?

My partner and I own a house together. However, I paid the entire downpayment. We're splitting up and my partner is insisting that we split the proceeds 50/50. But I should get a bigger percentage of the sale, since I paid the downpayment. What are my options for getting my fair share? If my partner refuses, do I need to hire a lawyer?

Asked By Collin | New York, NY | 58 views | Selling | 1 month ago

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Semi-Pro

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Julianne Clark / Your Lowcountry Compass

Charter One Realty

(45)

I am sorry to hear that your partnership is not working out Collin. If the property split cannot be resolved between the two of you -- then, unfortunately you should get an attorney involved to protect your interested in the investment. Did you split mortgage payments and household costs? That would entitle them to a share of profit from selling. If you paid the initial deposit -- it is reasonable that $$ should go back to you in the division. Another alternative is keeping the property (if you can afford too) and your partner leaves. Have a value assessment completed (usually an appraisal or Realtor CMA) and calculate appreciation. That amount would be divided. I would also calculate and remove selling deductions before splitting -- like real estate commission and other transfer and closing fees that would be charged if you outright sold. (If both names are on the deed and mortgage -- there will be additional costs in having their name removed.) Selling may be the easiest route...