I am planning to separate from my common-law husband. Our house is in both names, BUT my parents live in the basement, and they gave us a large portion of the down payment on the house as their 'rent'.
Obviously, when we separate, it would make more sense for me to stay in the house, since it's my parents living there, but what do I need to do for him? Do I need to pay him half of what the house is worth? Half of what WE put on the house? or what?
Also, since I can't afford to pay him anything at all, would I need to remortgage the house in order to pay him?
I'm sorry for my ignorance, but this is all completely new to me.
Any help is appreciated!!
Obviously, when we separate, it would make more sense for me to stay in the house, since it's my parents living there, but what do I need to do for him? Do I need to pay him half of what the house is worth? Half of what WE put on the house? or what?
Also, since I can't afford to pay him anything at all, would I need to remortgage the house in order to pay him?
I'm sorry for my ignorance, but this is all completely new to me.
Any help is appreciated!!
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