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Current Nevada Law: Subject to Verification
Unlike a divorce, an unmarried breakup may have no proceeding automatically addressing the property. Who is currently on title, who signed the mortgage, whether a HELOC exists and any written co-ownership agreement establish the starting point. If there is disagreement about legal ownership or rights, involve a Nevada attorney.
You don't need to be married to have a very complicated breakup.
If you bought a house together, ending the relationship does not end the property ownership or mortgage.
The house remains.
The loan remains.
The HOA bill still comes.
And unlike a divorce, there may be no divorce proceeding automatically addressing the property.
Find the documents before you negotiate
The first thing Lisa wants people to do is resist the urge to negotiate based entirely on who paid for what.
Instead, find the documents.
- Who is currently on title?
- Who signed the mortgage?
- Is there a HELOC?
- Did the owners create a written co-ownership agreement?
Those answers establish the starting point.
If there is disagreement about legal ownership or rights, involve a Nevada attorney.
If both people agree to sell
If both people agree that the house should be sold, the real-estate portion can be much more straightforward.
Lisa evaluates the property, develops the pricing and marketing strategy, handles buyers and negotiates the transaction.
The former couple does not need to be friends.
They do need a workable process for making decisions.
If one person wants to keep the house
If one person wants to keep the house, a buyout may be worth exploring.
Again, begin with market value.
Then understand the debt.
Then determine the legal ownership interests.
Then determine whether the person keeping the house can actually finance the arrangement.
Do not handle a six-figure property interest with:
“I'll send you $20,000 and you sign the house over.”
The consequences can last far longer than the relationship did.
What if neither person can move immediately?
What if neither person can afford to move immediately?
Some former couples consider continuing to own the property together temporarily.
That can work in some circumstances, but understand what you are doing: you are creating an ongoing financial partnership with an ex.
If that is the plan, legal advice and a written agreement can be extremely valuable.
- Who pays the mortgage?
- Who lives there?
- Who pays for repairs?
- What happens if a $15,000 HVAC replacement is needed?
- When will the house eventually be sold?
- What happens if one person stops paying?
Those questions are much easier to answer while everyone is cooperating.
If cooperation is already gone, speak with an attorney about your options.
Lisa can still provide a market analysis so everyone understands what a voluntary sale could potentially produce.
Important
Sometimes seeing the actual numbers is enough to turn an emotional fight back into a business decision. If both owners agree, the real-estate part can run as a normal, professional sale. See also Selling a House After a Breakup and How to Buy Out a Co-Owner.
