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Home Equity Division Guide
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I purchased a home with my girlfriend at the time, Madeline. I put the majority of the down payment (50k/60k), but it's to my understanding we both own the house equally, there was never anything contracted to state otherwise. We verbally agree that we would take the down payments off the top of the equity, and then split the remainder. We have broken up and I'm interested in buying her equity out. How much of the appraised equity is Maddy entitled to? Is she entitled to *% even though I contributed nearly the entire down payment? I also pay the majority of the mortgage. The state is Arizona.
In Arizona, property ownership and division can be complex without a written agreement. Generally:
- If the deed lists both names, ownership is likely */*.
- Verbal agreements on down payment and equity division may not hold in court.
- You may need to negotiate or seek mediation.
Do you know the current appraised value of the property?
- If the deed lists both names, ownership is likely */*.
- Verbal agreements on down payment and equity division may not hold in court.
- You may need to negotiate or seek mediation.
Do you know the current appraised value of the property?
The appraised value is around $700k
In Arizona, without a written agreement, both parties listed on the deed typically own the property equally. Here are key points to consider:
- **Ownership**: Likely */* if both names are on the deed.
- **Down Payment & Equity**: Verbal agreements are generally not enforceable in court.
- **Negotiation/Mediation**: May be necessary to resolve disputes.
- **Ownership**: Likely */* if both names are on the deed.
- **Down Payment & Equity**: Verbal agreements are generally not enforceable in court.
- **Negotiation/Mediation**: May be necessary to resolve disputes.
~Maricopa County Superior Court
Phone: (*) *-*
Address: * W Jefferson St, Phoenix, AZ *
Website: www.superiorcourt.maricopa.gov
Would you like more information on mediation services or legal advice on this issue?
Phone: (*) *-*
Address: * W Jefferson St, Phoenix, AZ *
Website: www.superiorcourt.maricopa.gov
Would you like more information on mediation services or legal advice on this issue?
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