If I want to buy out my spouse from the house we bought, do I just pay 1/2 of the current equity or 1/2 the worth of the house at time of divorce?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I want to buy out my spouse from the house we bought, do I just pay 1/2 of the current equity or 1/2 the worth of the house at time of divorce?

My spouse and I bought a house for $200,000. At the time of our divorce we had $145,000 left to pay but the house was then worth $450,000.

Asked on January 20, 2016 under Family Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

There is no one correct answer: at the end of the day, if the amount or method for determining it is not set in a divorce decree or order, it is whatever amount the two ex-spouse agree upon (as with any home sale: it's what buyer and seller agree to).
That said, the most common price would be 1/2 the home's value at the time of the divorce, the same as when you buy a home from anyone, you typically pay a price based on the current market value, not the equity. But if you paid a different amount and he was content with it, that is legally ok.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption