I have been struggling with figuring out how to handle mortgage payment on a common apartment after a breakup. I am usually good with numbers but those configurations all seem to make some sense for me.
I went through a breakup about 3 months after purchasing an apartment together. They moved to another country after the breakup for work reasons (which was planned beforehand). They don't make enough of a salary to pay both their rent in the foreign country and the mortgage. I make good money at home and I am living in the apartment, so I agreed to pay the mortgage when they are gone. I am comfortable with the idea of paying all of it. However, I want to get more money back when we sell the apartment, because my idea is not to pay back their part of the mortgage.
I can't figure out how this should be done though. Since we are co-owners and each of us is liable for half of the mortgage. We both put the same amount of money for the down-payment. We can reasonably expect a profit when we do sell the place.
As I see it, there are three possibilities (all of them with me paying the mortgage each month because I can afford it and want to do it, and all of them involving paying back the mortgage and all the fees after the sale):
- sharing the profit equally. This does not seem fair to me because it means I am paying back their half of the loan and they get that money back.
- getting all the money I put in for mortgage payments and then sharing the rest equally if there is some left. This does not seem fair to them as it is the opposite of the problem above. But I am not sure of that.
- getting back half of the amount I paid for mortgage payments and then dividing the rest equally. This sounds the best to me but I am afraid I might be missing something.
I would like to know which option is the fairest (might even be one not listed above) and how I could handle that. Bonus point if the answer is very easy to understand, as this is something I have been struggling to wrap my head around.