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INFOLAWYER
INFOLAWYER, Attorney
Category: Legal
Satisfied Customers: 53853
Experience:  Licensed attorney helping individuals and businesses
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I APPRECIATE YOUR PROMPT RESPONSE TO THE FIRST PART OF MY QUESTION

Resolved Question:

I APPRECIATE YOUR PROMPT RESPONSE TO THE FIRST PART OF MY QUESTION ON LAND GIFTED TO OUR SON BEFORE MARRIAGE. I AM STILL NOT CLEAR ON THE STATUS OF TWO OTHER PIECES OF PROPERTY. THESE WERE BOTH BOUGHT AND PAID FOR BY MY HUSBAND AND MYSELF. OUR SON HAS NEVER PAID TAXES ECT: ON THEM. THE PURCHASES WERE MADE AFTER HE WAS MARRIED, BUT HIS WIFE WAS NOT INVOLVED . HIS NAME WAS PUT ON THE DEEDS ALONG WITH MY HUSBANDS FOR THE FOLLOWING REASONS. FIRST MY HUSBAND HAD TO OBTAIN MINING PERMITS TO HAUL AND SELL SAND OUT OF THE FIRST SMALL AREA. WE PUT RUSS'S NAME ON THE DEED ONLY BECAUSE IF MY HUSBAND SHOUD DIE (HE IS 79) IT WOULD BE EASIER TO TRANSFER THE PERMITS WITHOUT SHUTTING THE BUSINESS DOWN.
THE SECOND PURCHASE WAS FARM AND HUNTING LAND THAT MY HUSBAND FELT COULD BE RESOLD AT A PROFIT. OUR SON HAS NO MONITARY INVOLVEMENTAND WE STILL HAVE A SMALL MORTGAGE BALANCE. OUR IDEA WAS THAT IF OUR SON SHOULD EVER INVEST IN THIS ANY PROFIT WOULD BE SPLIT BY % OF INVESTMENT
Submitted: 6 years ago.
Category: Legal
Expert:  INFOLAWYER replied 6 years ago.
She may argue a claim to the extent of his interest in the property. He would argue it is separate property and that it is his by name only and has put in no equity or contribution. It is not a simple point to prevail on and often there is some settlement with it being factored in and his lawyer should take it into account.
Customer: replied 6 years ago.
HOW IS THE PAYMENT TO BE MADE ? IS IT A % OF THE PURCHASE PRICE LESS INTEREST AND TAXES ?
Expert:  INFOLAWYER replied 6 years ago.
It is premature to note that since depends on many factors including other assets, length of marriage, lifestyle, children and not something that fits neatly into a formula. HIs lawyer on careful review of his specifics would be better position to assess as the case progresses and after seeing her position and assets.
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