profit share

[kayana1324]

i have been told recently that my partner is entitled to half the progit of the sale of my ouse even tho he left 145 yrs ago and has not paid a penny since. i was told he was entitled to half the value of the home on the day he LEFT. does anyone know if this is true or false? thanks

[redcrx]

Did you get it valued on the day he left? My partner has just paid out to his wife but he managed to settle for an agreed amount. As far as i know it was supposed to be half the profit of the house based on current value and she didnt even own the house, it was his before she moved in. Speak to a solicitor and get it dealt with legally if you cant agree a figure between you

[Didwot]

In simple terms the answer is that he is entitled to whatever share of the property it was agreed he should have at the time it was purchased. To argue otherwise is unlikely to succeed, but you should seek the advise of your own lawyers.

[Didwot]

Upon reflection my answer may be misconstrued. If he was originially entitled to half the value of the property then he will still be entitled to half the value. Supposing the value in the proerty were to have gone down would you be insisting he took half the value of the property at its historic value? There can be adjustments for what is called "equitable accounting" but it is seldom worthwhile bothering.

[themas]

He shouldn't be entitled to any part of the increase in value from the date he left up to now, assuming he has paid nothing towards the house in that time.

What he is entitled to for any increase in value during the period he was living with you probably depends on what contribution he made to the costs during that time. I don't think it would necessarily be 50% - for example if he was paying all the costs he could probably argue for quite a bit more. You may well need valuations as at the date he came to live with you and the date he left (you will probably have to pay an agent to do these), and a reasonably accurate indication of how you split the costs during that period.

Probably best to see a solicitor who specialises in family law for detailed advice.