After seperation, how much equity of the home is a domestic partner entitled to?
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After seperation, how much equity of the home is a domestic partner entitled to?
My boyfriend and I are in a domestic partnership. We purchased the house with my credit and name on title 5 years ago. We’ll have the house appraised and then split the equity after refinancing. How much of that is he entitled to? We each put down $3000 for down-payment. Paid the monthly mortgage and utilities at 50/50. Most upgrade cost we split evenly however my family (dad especially) has put a lot of time and some money into fixing up the place. With consideration of possible market downturn how much should he get of the current equity?
Asked on November 18, 2011 under Family Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry that your relationship has not worked out for you and your boyfriend. As I am sure that you know, Colorado does not recognize a domestic partnership in the same way that it recognizes traditional marriages. That really means that upon termination of the domestic partnership your rights under the law to distribution of the property that you acquired during the partnership is not the same as a married couple under the law. So I am assuming here that you have no prior agreement (which is always allowed under the law and should be considered the next tie you enter in to a relationship). How do you hold the house? As joint tenants? So each of you has equal rights to the property under the law? The you will each have equal rights to the equity. Now, unless you agreed to pay your family for the work done at the house or to reimburse them for the money expended I think that it may be considered a gift. You can, of course, agree to reimburse the even now but it is unclear that that will hold up in court. Good luck.
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