question about domestic partners splitting property

[drexel dave]

I have a question for you folks in the know.

Scenario: two domestic partners live in and renovate old home. Six years in, they split, and decide to evenly split the value in the home improvement based upon tax assessments from the time the home was purchased, until the time the two split.

She moves out, he stays in the house. But at what point should he or she pay the other party who moved out back the money that was earned through their own sweat equity. When should they be required to sell or re-finance?

Anyone know of any good contracts dealing with this? Said couple have come to agreement on the terms of who gets what, just not when.

[taterguy]

1. RIGHT FUCKING NOW

That's the answer to all problems on this site

[drexel dave]

2. That's not the answer

everything takes time.

Seriously though, are you in the know and might be able to add anything here?

[taterguy]

3. I know that you shouldn't rely on advice from Internet strangers for important decisions

Sorry if that's snarky but it's true

Besides, all states have different laws so what one person definitively tells you is true might not be the case in your specific location and circumstance.

[drexel dave]

4. why do you find it important to waste other's time?

I'm looking for sources of contracts, etc...experiences.

In the end, I make my own decisions based upon a lot of research.

Now, do you have any value to add here? If not, please stop responding.

Next?

[taterguy]

7. Who says I'm wasting your time?

I'm merely pointing out that the Lounge is a remarkably inefficient way of solving important problems.

It's like fishing for a shark in a creek.

You might catch one but the odds are not in your favor.

The Lounge is great for blowing off steam, finding out what others are eating and listening to, looking at goofy photos, etc.

It's not a place to find enlightenment. Even though some folks around here think I'm a saint:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=105&topic_id=7177620&mesg_id=7177620

[Gormy Cuss]

5. taterguy's right.

You need professional advice here. The contract should have been in place at the beginning of the renovation for the protection of both parties, but even with an amicable split there are little details like this that call for some highly experienced input now. I've known couples who tried to work it out without one and in most cases it was messy because the terms were too loose and one ex-partner took advantage of that fact over time. I can only think of one instance where everything went smoothly but that was because the departing person walked away with far less than an equitable split.

Good luck, whatever you choose to do.

[Sweet Freedom]

6. I think there's a website called

divorceforum.com where you can post questions and, I'm not sure if lawyers answer, but people with legal experience do.

In a divorce, you would have the house appraised and get estimates for any repairs that would need to be done in order to sell the house. Take the appraisal minus what you still owe on the house and then split the repair costs, closing costs and realtor fees in half. What remains is what the other person gets. It's up to the two of you whether they get it now or at some future date.

You're required to sell if you can't afford the payout.

Good luck.