Buying me out


#1

Hello, my husband wants to buy me out, but cannot afford to do so. If I agree that he lives in the house until our daughter graduates high school and buys me out then, what interest rate do we use? Also, if we agree that he will pay me out 50% of the value of the equity of the house on the date I move out, is it legal for him to deduct 3% of that value for the agent’s fee he will be paying in 6 year’s time?


#2

You can negotiate the details of this agreement (like interest rate and closing fees). There isn’t a standard interest rate that is used when someone takes a delayed distribution of marital property. You can also draft the agreement to be clear how the closing fees are to be handled, for instance you may want it to say that the proceeds are divided equally after all closing fees/costs have been paid.


#3

Thank you. :slight_smile:


#4

You are welcome.