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Thomas McJD
Thomas McJD, Lawyer
Category: Landlord-Tenant
Satisfied Customers: 46
Experience:  Landlord-Tenant Law Expert
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Lucy, You are one of two lawyers whose answers we've

Customer Question

Lucy, You are one of two lawyers whose answers we've found particularly satisfying, relatively wholesome. We have a complicated questions about percentages for us to divide our home into a trust, well two. Would you be comfortable/qualified to answer this
quest of ours--of course, by phone or otherwise? Here are some of the complexities: (1) I originally owned the home before we were married. And we were domestic partners before we were married. (2) We've had several loans for construction costs which we could
not have afforded without me being a U.S. military veteran and without their being substant equity in the home. And the mortgage has gone up from $200K to $600K during the interim of our marriage. Now we'd like to change from being the owners on record (1%
and 99%) to trustees, putting the home into a trust--well, a couple of trusts. PROBLEM: we don't know how much of a percentage each should have. All we got is the notion that if we divorced, the courts would make a ruling--we assume. If this is simple answer,
great. But we are quite willing to meet with you or talk over the phone--if, of course, you are qualified to provide us with a realistic set of percentages.
Submitted: 1 year ago.
Category: Landlord-Tenant
Expert:  Lucy, Esq. replied 1 year ago.
Hi,
Thank you for requesting me.
I'm afraid setting up trusts is an area of law I've never worked in. We can talk about what percentage of the property the judge would likely award to you and your spouse if you divorced, but I'm not sure if that's really what you're looking for.
Is there any equity in the home?
Customer: replied 1 year ago.
but real estate estimates have varied between $1.6 million and on up to very rough estimates of $3 million. That's a very complicated issue in itself, in that property costs (in San Francisco) are wildly on the rise--in part due to the increase in new businesses and new business buildings, the federal loan rate (which will soon begin to rise, albeit, slowly), and the need for housing. It's truly a sellers' market right now (i.e. $3 million is certainly a possibility; although, I think equity loan estimates would probably come in at $2 million or so, and VA estimates even lower, much lower). I think $1.6 would probably be a legal estimate. That real estate professional seemed pretty sure at the time, about a year ago. I'll ask my partner about meeting with you to discover a reasonable divorce percentage settlement amount. But Natallia truly hates me even talking about a divorce: she seems to have a difficult time getting passed the sound of the word, "divorce," regardless of the intent. Perhaps we'd be best off looking for someone to help us with the trust amounts precisely--yes?
Expert:  Lucy, Esq. replied 1 year ago.
Thank you.
It sounds like this may not be the type of thing I'm able to help with. I'm going to open this up to the other experts to see if anyone else can help.
I apologize for the inconvenience. Good luck.
Customer: replied 1 year ago.
Okay, but do I click on the submit button or wait for someone else to respond?
Expert:  Lucy, Esq. replied 1 year ago.
No need. It just depends on who's online. The site can be a bit slower in the evenings. I'm sorry for the delay.
Customer: replied 1 year ago.
May I ask what kind of or legal speciality in a lawyer is needed to discern trust percentages?