Please let me pick your brain. I jointly own a house with my partner, who has left for someone else abruptly. Now, we need to decide what to do with the house. There are three options that I can think of:
1. Buy out his share: I can buy out his share of the house. This means I’ll be using up 70% of my savings.
2. Gift the house: He might gift the house to me, with the agreement that whenever I sell the house in the future, I would share the profit with him equally. This option allows me to live in the house for the rest of my life, or as long as I like. When the time comes that I wish to sell the house, we would share the profit equally. The purpose of this agreement is to protect the asset, which we both agreed to leave for our children in the future.
3. Maintain joint ownership: We leave the house as joint ownership, but I take over paying the mortgage from my bank account because I’m the one who keep living in the house with 2 teens.
Would it be a good idea to take the second option? Or is it a bad idea because it might create future disruptions or any dispute from him in my life? How does the third option compare in terms of potential future complications? Looking forward to hearing from you. Thanks 🙏