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Looking for some input on this situation please.
Lily bought a condo for $440,000
Lily put $70,000 down payment
Lily's mother added $20,000 for the down payment
Lily moved in with boyfriend (Mike) and is now common-law with him and has two children together.
Lily just sold the condo today for $749,000.
Lily and Mike refinanced and there is $521,000 currently left on the mortgage.
What would be a fair way to split the gains.
I was thinking $749,000-$521,000 = $228,000 left in cash.
Give Lily back $70,000 for down payment
Give back Lily's mom $20,000 for down payment
$228,000 - $70,000 - $20,000 = $138,000
Put $138,000 into Lily and Mike's Joint account.
Does that seem fair?
Lily likes my idea above, but Mike thinks all of the proceeds should be going into their joint account.
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