QUESTION
Am I entitled for a portion of an asset when leaving a relationship?
Asked on Oct 23rd, 2023 on Residential Real Estate - South Dakota
More details to this question:
I have been living with someone for 25 years. At first I did not pay on the house but 10 years ago, it was refinanced and I have put over $42,000 into house payments for mortgage, insurance and taxes. The house assesses at approximately $100,000 and appraises much higher. I have requested that he give me $20,000 of that back because I am leaving the relationship and house. Do I have a legal argument to obtain, request and receive this? Should I be asking for more? At first he agreed to give it to me and now he said he will not.
1 ANSWER
Commercial Litigation Attorney serving Frisco, TX
at
Reid Dennis & Frick, PC
Update Your Profile
Many people who live together enter into a cohabitation agreement. If you do not have a cohabitation agreement, you may be out of luck.The first question is who owns the house, i.e. whose name is on the deed. That determines who owns the house.The second question is did you have an agreement, written or oral, regarding your contribution for the mortgage, insurance and taxes. If so, follow that agreement. In most cases like yours, the parties never discuss the subject and never reach an agreement because they foolsihly assume that their relationship will endure forever.In equity, you may be entitled to what you contributed minus half of the fair rental value of the house for the time you lived in it. In all likelihood, half of the fair rental value greatly exceeds your $42,000 contribution.
Answered on Oct 23rd, 2023 at 11:42 AM